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Lean hog futures rose for a second day as cash-trade prices supported the market, with the CME lean hog index at 91.13 cents per pound. Packers have trimmed cash bids, but cash remains above futures, pulling futures higher to close the gap.
Wholesale pork has traded above $1 per pound for over a month on record pork belly prices.
Futures converging up toward a cash premium signals firm near-term hog values for feed buyers, while record belly prices support hog margins and demand for feed grains.
foxbusiness.comBenjamin ParkinJul 26, 2017Not 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.
