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The CME Lean Hog Index fell 56 cents to $70.04 on Dec. 1, its lowest since early February and more than $3 below December futures.
The pork cutout dropped $4.33 amid losses in all cuts. Analyst Jim Wyckoff said packers may be cutting prices to keep their pipelines moving.
Weak cash hog prices and falling cutout values pull the futures market lower, because futures track the cash index. Packers cutting prices suggests soft demand for pork at the wholesale level.
thepigsite.comSarah MikesellDec 3, 2021Not 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.
