Hog futures are little changed today as a prominent French bank declares pork the meat with the most upside potential as US consumers seek more affordability with meats. Hog futures for June delivery are down .30 cents currently trading at $83.45 per cwt at the Chicago Mercantile Exchange.
Despite increasing pork supplies, the bullish outlook remains strong with pork production up 1% so far this year. Hog supplies are recovering from the outbreak of the virus which killed-off much of the animals only a couple of years ago, and the amount of pork in cold supply are also reportedly high.
Devin Brady, President of Progressive Trading Group in Sherman Oaks, CA, shared his fundamental view of the hog futures market by stating, “Although we’ve seen hogs rally since the beginning of the year, pork prices remain historically low-priced compared to beef prices.” Brady adds, “For thrift-saving Americans, pork is poised to take over domestic market share.”
The trend for hog futures is up with highs made just this time last week. Hog futures do remain strong, however, some type of technical pullback seems to be in order soon.
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