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CME update: lean hog futures experience a bounce and close higher

US lean hog futures closed mostly higher on technical buying and a bounce on Wall Street after positive jobs numbers.

8 June 2020, at 8:11am

Reuters reports that the bounce came after data showed an unexpected jump in US employment.

"Lean hog futures are higher as the economy opens up and demand returns," said Arlan Suderman, economist with INTL FCStone.

The trading day wasn’t entirely positive though. The spot June hog futures contract fell, pressured by a backlog of hogs still awaiting slaughter.

CME June lean hogs ended down 0.975 cent at 47.450 cents per pound while most-active July futures settled up 0.350 cent at 53.925 cents.

The daily US hog slaughter has mostly recovered since April and early May, when the coronavirus pandemic sickened enough slaughterhouse workers to force numerous meat-packing plants to close temporarily.

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