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CME lean hog futures hit a 3.5-month low and remain in a steep downtrend, with the CME lean hog index down 2 cents to $72.11 as of Jan. 23.
The USDA Cold Storage Report showed frozen poultry, beef and pork supplies up sharply from a year earlier, with pork bellies up 66% year over year.
Heavy freezer stocks and a falling cash index keep pressure on hog futures, and futures are unlikely to find support until the cash index turns, which weighs on hog prices for feed buyers.
thepigsite.comJim Wyckoff More from this authorJan 27, 2023Not enough comparable past events yet for a historical read.
Not 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.
