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Lean hog futures kept sliding as the CME lean hog index fell to $92.10 on May 20 and was preliminarily $91.82 on May 23. Floods in Rio Grande do Sul, Brazil killed an estimated 12,600 hogs.
Weekly US beef export sales rose sharply.
Brazilian flood losses tighten regional pork supply modestly, but the bearish US futures trend and weak summer outlook dominate the price picture.
thepigsite.comJames PowellMay 24, 2024After 10 past bearish weather events, HOGS moved a median -0.6% over 5 sessions (20% higher; middle half -2.7% to -0.2%), and -4.3% over 20.
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.
