Loading…
CME December lean hog futures hit new contract highs on Nov. 1 as strong domestic and export demand, especially for pork bellies and ham, lifted the market.
Retailer buying ahead of the holidays and an unexpectedly low number of slaughter-ready hogs also supported prices. Cattle futures touched one-month lows.
Low slaughter supplies and holiday demand support hog prices and the cutout, which raises the cost of hogs for feed-buying operations. The rally was driven by demand and supply, so it does not reflect a new cause that would move grain prices.
agcanada.comAGCanadaNov 1, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
