Hogs Futures Fall as U.S. Inventories Rise
By Kirk Maltais
Lean hog futures trading on the CME recorded another down day as
the USDA's quarterly report showed that inventories of hogs have
risen since the agency's last report.
According to the USDA's Hogs and Pigs report released following
the market's close Thursday, inventories of all hogs and pigs rose
75.7 million head as of June 1. That's up 1% from March 1.
Breeding inventories and market hog inventories are both up from
the previous quarter as well.
Ahead of the report's release this afternoon, lean hog futures
posted a drop of 2%, to 98.7 cents per pound. It's the first time
they've closed below a dollar a pound since March. Live cattle
futures, meanwhile, closed down 0.2% to $1.22625 per pound.
Write to Kirk Maltais at email@example.com
(END) Dow Jones Newswires
June 24, 2021 15:35 ET (19:35 GMT)
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