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US hog futures weakened

CME live hog futures were weaker this week as the market retreated from contract highs and uncertainty over China's demand for US pork.

20 December 2019, at 9:20am

According to the US Department of Agriculture data, packers slaughtered 494,000 hogs on Wednesday (18 December), compared to 484,000 last year, reports Reuters.

CME February lean hog futures edged up 0.050 cent to 69.900 cents per pound. Several other 2020 contracts ended lower.

Hog traders are uncertain about China's demand for US pork after the United States and China reached a Phase 1 trade deal last week.

China is the world's largest hog producer and pork consumer, and its domestic pork prices have soared with the outbreak of ASF and the decimation of it herd. China increased purchases of US pork this year, but the trade war has hampered deals.

Traders will assess weekly export sales data from the US Department of Agriculture on Thursday.