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CME lean hog futures fell on June 28 as nearby contracts were pressured by plentiful hog and pork supplies, after USDA's quarterly report showed the June 1 herd up 3.6% from a year earlier, above estimates. July hogs dropped to 72.1 cents per pound, and China's ban on Canadian meat imports raised fears of Canadian pork competing in the US market.
A larger herd and possible Canadian pork diversion add supply pressure on US hog prices. Deferred 2020 contracts gained on signs that herd expansion may slow.
agcanada.comAGCanadaJun 29, 2019After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
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.
