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Lean Hog Futures Boosted by Deeply Oversold Signals
Following steep declines to fresh contract lows in recent sessions, lean hog futures on the Chicago Mercantile Exchange (CME) closed sharply higher on Tuesday.
The June through August contracts locked in limit gains at the close and reversed Friday's declines, aided in part by deeply oversold signals. June closed at $80.825 while most-actively traded July settled at $79.525.
Hog futures may have been due for a technical correction after being overdone to the downside, said livestock dealers and market managers.
On the year so far, the nearby hog contract...
Broad Losses at Midweek Sent Lean Hog Futures and Grain Complex Tumbling
Lean hog futures on the Chicago Mercantile Exchange (CME) tumbled at midweek, sending some months to new contract lows. Yesterday’s sell-off followed a recent firming trend in hog futures after the Supreme Court’s backing of Proposition 12 last week.
The June lean hog futures contract formed an outside bearish reversal Wednesday and closed $2.325 lower at $84.875 per cwt. The August contract slipped to a fresh contract low and settled $3.025 lower at $84.85 per cwt.
The cash hog market and wholesale pork...
ANALYSIS: CME Hog Futures Fall to Fresh Lows on Dull Domestic Demand
The most actively traded June contract rounded out last week with a $3.375 loss at $83.775 per cwt, a 23% decline from the start of the year. While the futures board continues to anticipate a seasonal increase in prices during the summer months, the advances have slowed drastically from what was anticipated in early 2023 amid a clouded outlook for pork demand heading into peak grilling season.
On the year so far, the cash market has declined by about 5.1% and is 29% below year-ago levels, based on USDA’s national weighted
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