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October lean hog futures hit a three-month high this week and are trending higher on the daily chart. The CME lean hog index fell 37 cents to $87.45 as of Aug.
28, down $6.19 from its August 1 seasonal peak. Weekly USDA data showed net pork sales of 42,200 MT, up 59 percent from the prior four-week average, led by Mexico and China.
Firm technical momentum and strong export sales support futures, though seasonal weakness in cash hog prices is still expected into next week. Hog buyers should expect feed-cost relief to be offset by softer cash hog prices in the near term.
thepigsite.comSarah MikesellAug 30, 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.
