USA: Lean hog futures bulls fading

Published 2022년 12월 16일

Tridge summary

The lean hog futures market experienced a downturn, reaching a two-month low on Thursday. Despite the control of bears, bulls anticipate a soon arrival of the seasonal low in prices. The CME lean hog index saw a slight increase to $81.68 as of December 13. The expiration of December futures at $82.325, above the index, and February futures closing $1.78 above the index indicate a slight improvement in cash prices is expected in the near term. However, recent losses in February hog futures suggest a bearish outlook for prices throughout the rest of the year and into early 2023. Meanwhile, US pork net sales for both 2022 and 2023 were reported, with exports mainly to Asia. Production forecasts and price predictions for cattle, hogs, and broilers remained unchanged for both 2022 and 2023.

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

Original content

The lean hog futures market slumped this week and prices Thursday hit a two-month low. The bears are in technical control to suggest more price pressure in the near term. Fundamentally, the CME lean hog index is up 6 cents to $81.68 (as of Dec. 13). Bulls are hoping a seasonal low in prices is coming soon. December futures expired Wednesday at $82.325, 70.5 cents above the index, while February futures closed $1.78 above the index, suggesting traders expect cash prices to improve only slightly in the near term. Recent losses in February hog futures suggest bearish attitudes for the price outlook into the end of the year and in early 2023. However, long-term price averages suggest a rebound of approximately $6.00 from late-year lows for the hog index to mid-February highs. Pork: US net sales of 14,400 MT for 2022 primarily for Mexico (9,600 MT, including decreases of 500 MT), China (2,500 MT, including decreases of 200 MT), Japan (1,600 MT, including decreases of 200 MT), Honduras ...

Source: Thepigsite