CME update: lean hog futures dip for second straight session
US lean hog futures fell for a second consecutive session on 10 May, but the commodity remains near its recent highs.
Reuters reports that CME’s most-active June lean hogs fell 0.750 cents to 112.100 cents per pound, while back-month contracts reached new lifetime highs.
Hog slaughter improved from last week, with 483,000 head processed on Monday, but remains soft, says Matthew Wiegand, Risk Management Consultant at FuturesOne.
“We got off to a good start this week, but we’re still showing tight numbers nearby,” he said.
The CME lean hog index, a two-day weighted average of cash prices, climbed to $109.22 per cwt.
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