World: Lean hog futures market looking heavy

December Lean hog futures prices have backed down from the October contract high and prices are now in a fledgling downtrend on the daily bar chart. The market is looking “heavy” from a technical perspective. A price uptrend on the daily bar chart has been negated. Fundamentally, the latest CME lean hog index is down another 26 cents to $87.83 as of Nov. 19, the eighth decline in the last nine days. December hog futures finished Wednesday $7.305 below the cash index, suggesting traders expect further decline in the cash index in the near term. Peak US consumer pork for the year demand has is now past. Pork: Net sales of 18,100 MT for 2024 were down 9 percent from the previous week, but unchanged from the prior 4-week average. Increases were primarily for Mexico (4,100 MT, including decreases of 300 MT), South Korea (3,300 MT, including decreases of 700 MT), Japan (2,000 MT, including decreases of 1,100 MT), Colombia (1,900 MT, including decreases of 800 MT), and Canada (1,500 MT, ...