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CME lean hog futures settled higher on Wednesday, supported by fund buying and short-covering ahead of the Thanksgiving holiday. December hogs rose 2.125 cents to 62.825 cents/lb, and December live cattle gained for a second day.
Traders said the advance came without clear fundamental support.
Pre-holiday short-covering lifts near-term hog and cattle prices, but with no fundamental backing the gains may not hold once packers resume full production.
grainews.caGFM Network NewsNov 22, 2017Not 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.
