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CME nearby lean hog futures closed higher on June 29 as wholesale pork and cash hog prices firmed. USDA reported the June 1 hog herd at 72.394 million head, up 0.1% year on year and above trade expectations for a decline.
Cattle futures also rose on tightening U.S. cattle supplies.
A larger-than-expected hog herd is bearish for future hog prices and adds supply pressure, though firm cutout values offset this near term. Tight cattle supplies keep feeder and live cattle prices supported.
agcanada.comAGCanadaJun 30, 2023After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
After 227 past bullish report events, Feeder Cattle moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% 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.
