US: Lean hog futures in fledgling price uptrend

게시됨 2022년 11월 25일

Tridge 요약

February lean hog futures are experiencing a price uptrend, but face resistance levels and are supporting the lowest lean hog index since Feb. 4 at $86.54. The market is influenced by seasonal pork demand and slaughter numbers, but consumer demand and meat shortages may mitigate price drops. China's pork imports are down from last year, but Smithfield Europe is expanding into Romania with the acquisition of a private-label meat producer. A bipartisan group of senators is requesting an extension of the comment period on the USDA's proposed rule on competition and market integrity under the Packers and Stockyards Act, citing the rule's complex nature and potential wide-ranging impact on poultry, cattle, and hog contracting.

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원본 콘텐츠

February lean hog futures prices this week have rallied and are keeping a live a price uptrend on the daily bar chart. However, there are stiff overhead resistance levels that may halt the rally in the near term. The latest CME lean hog index is down 43 cents to $86.54 (as of Nov. 21), the lowest level since Feb. 4. Last year, the cash index bottomed on Nov. 29 and then started a strong price recovery that lasted into August. History suggests the combination of seasonally weak demand for most pork cuts other than hams, as well as slaughter totals approaching annual highs, will exert some pressure on hog prices. However, strong consumer demand for pork, as well as the shortage of turkeys and hams, will limit any price losses. Traders will closely scrutinize the USDA’s quarterly Hogs & Pigs report on December 23. China imported 160,000 MT of pork in October, which was up 6.7% from September but down 20.6% from last year. Through the first 10 months of this year, China imported 1.38 ...

출처: Thepigsite