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Lean hog futures dropped sharply late in the week of July 30, threatening a near-term uptrend after a limit-lower close for the October contract. USDA confirmed African swine fever in pig samples from the Dominican Republic, and US authorities increased inspections of flights from that country.
Hog futures were pressured by a technical selloff despite seasonally tight supplies and firm wholesale pork prices. The ASF detection in a Caribbean market has little direct effect on US pork supply, so the price impact is limited.
thepigsite.comJim Wyckoff More from this authorJul 30, 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.
