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CME lean hog futures tumbled 3 percent on Tuesday after reaching contract highs, as investors took profits before the Thanksgiving holiday. Wholesale pork prices fell $2.37 to $66.44 per cwt, and US hog slaughter rose.
Profit-taking and a larger slaughter signal abundant pork supplies ahead of a seasonally slower demand period. This points to weaker hog prices in the short term.
reuters.comMichael HirtzerNov 20, 2018Not 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.
