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An analyst argues lean hog futures have priced in a steep cash market break, with August hogs about $12 under the CME lean hog index and December futures roughly $32 under cash. Bearish drivers include disrupted pork exports and the June Hogs and Pigs report showing producers expanded herds.
Futures discounts to cash signal expected heavy fourth-quarter supplies and weak demand, which keeps downward pressure on hog prices. Expansion plans tied to strong export demand now face losses if exports stay disrupted.
nationalhogfarmer.comDennis SmithJul 23, 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.
