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 kirk.maltais@wsj.com
(END) Dow Jones Newswires
06-24-21 1535ET
