Hog futures jumped 10% this week — here's why
Lean hog futures rallied Friday to build up a gain of around 10% for the week, buoyed by strong Chinese purchases of pork despite the country’s hefty tariffs on imports of the commodity from the U.S.
The June contract’s price premium of over 18 cents over the April contract suggests expectations for higher prices, said Phil Flynn, senior market analyst at Price Futures Group. “The Asian Swine flu has tightened supply and [China] needs U.S. imports, he said. “Most have been so bearish [on hogs] due to Chinese tariffs, they ignored what was happening on the ground,” said Ned Schmidt, editor of the Agri-Food Value View Report. In China, African Swine Fever, or ASF, “has had a dramatically negative impact on pork production and distribution.”
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