CME Hog Futures hit 2-month low over China Covid concerns
CME Group live hog futures fell to a two-month low on Monday, notching their fifth straight day of declines on concerns that Chinese pork consumption will fall during the country’s upcoming Lunar New Year celebrations, traders said
by Mark Weinraub – Reuters
Cattle futures were firm, with strength in the cash market underpinning prices.
Weakness in Chinese markets spilled over to CME hog futures. China’s most active hog futures contract closed down 6.6% at its lowest level since it was launched almost two years ago.
Concerns about rising COVID-19 cases in China following the easing of virus-related restrictions in the world’s top consumer of pork pressured hog markets.
“February lean hogs dropped 0.3 cent to 83.7 cents per pound, bottoming out at 82.8 cents, their lowest since Oct. 14”
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