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National & World Ag News Headlines |
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CME Hog Futures Hit Three-Month Low
USAgNet - 12/12/2017
Chicago Mercantile Exchange lean hogs drifted to a three-month bottom on Monday, in response to lower cash and wholesale pork prices. According to Reuters, sell stops and deferred-month future's premiums to CME's hog index for Dec. 7 at 65.48 cents
further weighed on contracts.
December hogs, which will expire on Dec. 14, ended down 0.075 cent per pound at 63.600 cents. Most actively-traded February closed 1.825 cents lower at 67.025 cents.
Monday afternoon's cash hog price in Iowa/Minnesota averaged $59.24 per cwt, 49 cents lower than on Friday, the U.S. Department (USDA) said.
USDA data showed the average wholesale pork price fell $2.01 per cwt to $81.69 from Friday, mostly led by $7.48 lower pork bellies.
Last week's heavier hog weights confirmed that animals backed up on farms coming into a period when packers will close plants during the Christmas and New Year's holidays, said Tom Cawthorne, director of commercial agriculture with Hehmeyer Trading +
Investments.
Higher pork belly prices might discourage bacon processors and slicers from storing product for spring and summer use, said analysts and traders.
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