The lean hog futures market the past two weeks has seen choppy and sideways trading action. Some mild technical selling pressure has occurred this week after prices Monday challenged stiff overhead resistance but could not push above it. Also weighing on futures prices at mid-week is news last week’s hog slaughter levels broke a string of year-to-year reductions that began in late January, as last week’s preliminary kill total was up about 2.4% from year-ago. Limiting selling interest in futures this week is news the National Pork Producers Council said all 300-plus U.S. pork harvesting and cold storage facilities have successfully renewed their registrations to export to China. This five-year renewal ensures continued market access to China for U.S. pork producers. The latest CME lean hog index is up 4 cents to $89.32 as of March 17, ending the string of recent losses.
Latest USDA and other news regarding the global pork industry
U.S. pork exports to China fully restored
The National Pork Producers Council (NPPC) announced that all 300+ U.S. pork harvesting and cold storage facilities have successfully renewed their registrations to export to China. This five-year renewal, achieved through negotiations by USDA and the U.S. Trade Representative, ensures continued market access for U.S. pork producers.
Click here to see more...