USA: Lean hog futures bears in technical control

Published 2023년 3월 17일

Tridge summary

The article provides an overview of the current situation in the lean hog futures market, highlighting its sideways and choppy trend with bears having the near-term technical advantage. It mentions a decrease in pork cutout value and the gradual firming of the cash market, despite challenges such as a rising U.S. dollar index and a volatile stock market. There's a discussion on net US pork sales and exports, with an impact of African swine fever in China on hog output. Additionally, over $43 million of investment from the American Rescue Plan and the Agriculture and Food Research Initiative (AFRI) for meat and poultry processing research, innovation, and expansion is announced by the USDA.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Lean hog futures price action the past week has been sideways and choppy but the bears have the overall near-term technical advantage. The pork cutout value dropped $1.99 on Wednesday amid heavy losses in loins, picnics and hams. While the product market is struggling, the cash market continues to gradually firm, with the CME lean hog index up 4 cents to $79.93 (as of March 14). Lean hog futures have not been immune to the recent market turmoil. A rising U.S. dollar index and a volatile stock market have discouraged market participants from more risky, highly leveraged markets. Pork: Net US sales of 35,600 MT for 2023 were up 62 percent from the previous week, but down 5 percent from the prior 4-week average. Increases were primarily for Mexico (9,900 MT, including decreases of 300 MT), Japan (6,400 MT, including decreases of 200 MT), China (5,000 MT, including decreases of 100 MT), South Korea (4,100 MT, including decreases of 1,100 MT), and Canada (2,800 MT, including decreases ...

Source: Thepigsite