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CME update: lean hog futures decline as slaughter rate improves

CME lean hug futures fell on 20 July after gaining ground last week.

21 July 2020, at 9:37am

Reuters reports that hogs in the US backed up on farms after processing plants closed in April and May due to coronavirus outbreaks among meat plant workers. The disruptions led some farmers to euthanise their stock, but others kept the pigs on feed.

"We never euthanised anywhere close to what the government said we were going to," said Don Roose, President of US Commodities. "We've got hogs backed up."

USDA estimated 477,000 hogs slaughtered on Monday, up 6.5 percent from a week ago and 1.3 percent more than a year ago.

CME August lean hog futures settled down 2.400 cents at 50.400 cents per pound.

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