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US lean hog futures rose on 9 July as firmer cash hog markets and a sharp jump in pork ham cutout prices suggested the market may be bottoming. August lean hogs settled up 2.275 cents at 50.225 cents per pound after a life-of-contract low on 29 June.
Choice boxed beef prices slipped.
Improving pork product prices signal stronger hog demand, which could modestly support hog-related feed demand, though supply remains ample.
grainews.caGFM Network NewsJul 9, 2020Not 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.
Firmer cash hogs and a sharp jump in ham cutout on 9 July signaled a market bottom after the late-June contract low, which likely fueled follow-through short covering and buying into 15 July.
