CME Group reported record daily trading volume of 209,363 contracts in lean hog futures and options on November 9, surpassing the prior record set in November 2025. The company linked the increased activity to lean hog prices falling to six-year lows amid steady supply and contracting demand; livestock options also set a daily volume record on November 5.
Steady hog supplies alongside weakening demand are bearish for hog prices and may weigh on feed demand. Record volume reflects increased risk-management activity in response to the low-price environment, rather than a change in physical supply.
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