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CME lean hog futures fell sharply on Tuesday to life-of-contract lows, with August hogs down to 61.125 cents per pound and October hitting a lifetime low. Pork bellies dropped $10.26 to $115.73 per cwt, while the pork cutout eased to $74.05, despite reports of new U.S.-China trade talks that lifted soybeans over 3 percent.
Heavy U.S. pork supplies combined with weak belly prices and tariff-related export uncertainty point to continued pressure on hog prices into fall. Any real progress in China talks could support demand, but China has not bought significant U.S. pork this year.
agcanada.comAGCanadaJul 31, 2018Not 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.
