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October lean hog futures hit a nearly four-week high on Wednesday before backing off, with near-term technicals neutral. The CME lean hog index fell another 50 cents to $89.21, still 83 cents above the July low.
USDA data showed 2024 net pork sales at a marketing-year low of 19,300 MT, down 34 percent from the prior four-week average.
Weak export sales and falling wholesale pork prices point to soft hog demand. Futures are range-bound, so buyers should not expect a sustained rally in the near term.
thepigsite.comZachary MintusAug 22, 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.
