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CME lean hog futures fell over $6 last week, with October and December contracts leading the decline. The National Lean Hog Index averaged $1.17/lb, while October futures closed at 93 cents, a discount the author sees as overdone.
Hog slaughter is running about 3.5% lower year to date, and Spanish hog prices set a record at 1.71 euros/kg.
Futures are pricing a sharp decline despite tighter US hog supply and strong cash prices, which could mean firmer hog values ahead than the futures curve suggests.
thepigsite.comLaurence WilliamsAug 23, 2022Not 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.
