US Markets: Hog futures sink by daily limit as profit-taking hits market
U.S. lean hog futures sank by their daily exchange-imposed trading limit on Thursday as profit-taking overwhelmed the market following blistering rallies, analysts said
by Tom Polansek – Reuters
The setback is a turnaround from gains that have lifted profits for pig farmers after they struggled last year when the COVID-19 pandemic reduced restaurants’ demand for meat and temporarily closed slaughterhouses.
The May, June, July and August hog futures contracts ended down the 3-cent limit, after all but August futures set contract highs on Monday.
“The U.S. Department of Agriculture said sales for delivery in 2021 fell to 17,200 tonnes in the week ended on April 8”
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