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Lean hog futures rallied Friday, with December rising 2.9% to 59.95 cents/lb, after USDA reported total hog inventories at a record 73.5 million head as of Sept. 1, up 2% year over year.
Heavier hogs for slaughter rose 4%, and weekly pork export sales hit a marketing-year high of 36,700 metric tons.
A record herd points to ample pork supply, but strong export sales and fund buying support prices in the near term. The rally was attributed mainly to technical factors rather than a change in fundamentals.
foxbusiness.comBenjamin ParkinSep 29, 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.
