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US lean hog futures firmed on January 12 on higher cash hog prices and improving packer margins. Corn futures rose more than 5% after the USDA slashed its 2020 harvest estimate, reaching their highest prices in 6.5 years.
Higher corn prices raise feed costs and are expected to limit any recovery in hog supplies, supporting deferred hog futures. The USDA crop cut tightens the feed grain supply balance.
grainews.caAbout the authorJan 13, 2021Not 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.
