Chicago Mercantile Exchange (CME) lean hog futures were mostly higher on Thursday on elevated pork prices and strong demand, although profit-taking clipped some of the gains, traders said.
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CHICAGO Chicago Mercantile Exchange (CME) lean hog futures were mostly higher on Thursday on elevated pork prices and strong demand, although profit-taking clipped some of the gains, traders said.
Lightly traded June hog futures climbed to the highest for a spot month contract in nearly seven years. More actively traded nearby contracts eased as traders pocketed profits after life-of-contract highs earlier this week.
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“Hogs are technically strong. They’re hugging contract highs. You still haven’t seen the pork cutout drop back much and demand is strong,” said Don Roose, president of U.S. Commodities.
Last modified on Mon 31 May 2021 03.01 EDT
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