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CME lean hog futures rose for a third straight session on Tuesday as the market recovered from oversold conditions and short-covering. June and July contracts touched their highest levels since May 6.
Pork processor demand supported the gains after the market fell to its lowest since January the prior week.
Short-covering and steady packer demand lifted hog futures off multi-month lows, signaling a possible seasonal rally that would improve hog-feeding margins and modestly support demand for meal and grains.
reuters.comTom PolansekMay 17, 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.
