CME update: hog futures fall as daily slaughter totals trend upwards
US hog futures fell on 19 May due to an increase in the daily slaughter totals as pork processing pants reopen.
20 May 2020
2 minute read
By: Reuters reports that CME June lean hogs fell 1 cent to 56.650 cents per lb and the July contract dropping 2.175 cents at 55.475 cents per lb.
The most-active July hogs contract has fallen for five sessions in a row and eight of the last nine sessions. It hits its lowest since 27 April on Tuesday.
The USDA reported that the hog slaughter rose to 397,000, the highest total since 17 April.
Slaughter numbers are hovering well below their pre-pandemic averages as farmers have struggled to get their goods to market due to supply chain disruptions and processing delays caused by the global health crisis.
President Donald Trump said on 19 May that the United States should consider terminating trade deals under which it imports livestock as the federal government moves to help agricultural producers hard hit by the coronavirus outbreak.
