Global pig outlook: Lean hog futures bulls hanging tough

Published 2024년 9월 20일

Tridge summary

Lean hog futures are maintaining a nine-week price uptrend, with the latest CME lean hog index quote at $84.22 as of Sept. 17. Pork product movement remains strong, supporting both wholesale pork and the cash hog market. Net US pork sales for 2024 were down slightly from the previous week but up slightly from the prior 4-week average. Exports of pork and related products were up significantly from the previous week. Despite potential impacts from a potential dock workers’ strike, the majority of soybean and grain exports from the Gulf or East Coast would not be affected. China's pork imports are down from last year, and the EU's pork production is expected to peak this year but rebound in 2024. Proposition 12 requires more humane living conditions for covered farm animals. The US 9th Circuit Court is hearing arguments on a lawsuit seeking to compel the EPA to reconsider its denial of stricter water pollution regulations at CAFOs.

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

Original content

Lean hog futures bulls are having a good week, as they are keeping alive a nine-week-old price uptrend on the daily bar chart. The latest CME lean hog index quote is $84.22 as of Sept. 17. October hog futures are $2.17 below the index, which could prompt some selling pressure. October hog futures are likely to closely track the CME cash index in the coming days. Pork product movement remains strong suggesting better pork demand which is supporting both wholesale pork and the cash hog market. Pork: Net US sales of 29,000 MT for 2024 were down 3 percent from the previous week, but up 3 percent from the prior 4-week average. Increases were primarily for Japan (7,900 MT, including decreases of 300 MT), Mexico (5,700 MT, including decreases of 500 MT), Colombia (3,300 MT, including decreases of 100 MT), Canada (3,200 MT, including decreases of 600 MT), and South Korea (1,900 MT, including decreases of 1,100 MT). Net sales of 100 MT for 2025 resulting in increases for Australia (200 ...

Source: Thepigsite