US lean hogs hit new low - CME

Apr 24, 2023

Chicago Mercantile Exchange (CME) April and May feeder cattle futures hit fresh contract highs on Tuesday on tight supplies, as analysts said they expected cattle placements to continue to trend down, Reuters reported, citing traders.

Meanwhile, CME May lean hogs hit a contract low of 78.500 cents per pound, before closing down 2.175 cents at 78.825 cents per pound.

Hog futures slipped on weak technicals, traders said, as the cash market continues to remain weak and premiums in the futures markets stay hefty.

"We're seeing that cash market moving lower and lower," said Don Roose, president of Iowa-based US Commodities. "When you add the weakness on the export market, hogs are in a tough spot."

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Video: CEOs of the Industry, A Conversation with Daniel Rivest, President & CEO, Olymel

Swine Web’s CEOs of the Industry series welcomes Daniel Rivest, President & CEO of Olymel, for a wide-ranging conversation about leadership, the future of Canadian pork, and the opportunities ahead for one of North America’s largest pork and poultry processors.

Rivest discusses his journey to the CEO role, his leadership philosophy, and his early priorities at Olymel. The conversation explores the company’s strategic direction, its relationships with producers, and how Olymel is positioning itself for long-term growth and competitiveness.

The discussion also tackles some of the biggest issues facing Canadian pork production today, including labor availability, global competition, animal health, trade and export markets, automation, and the growing potential of artificial intelligence throughout the food production system.

Topics include:

• Daniel Rivest’s path to becoming President & CEO of Olymel

• Olymel’s current position and strategic direction

• The outlook for Canadian pork production

• Building stronger relationships with producers

• Global trade and key export markets

• Automation, innovation and artificial intelligence

• Leadership lessons and opportunities for the next generation

The conversation concludes with a Fast Five, giving viewers a more personal look at Rivest’s leadership approach and his vision for Olymel’s future.