$100 Lean Hogs futures. That was the big news item on Monday as June Lean Hogs (chart at right) crashed through the $100 barrier and set a new record high price ($101.00) and new record high close ($100.95). Those broke the previous records set July 3, 2008 when the June 2009 Lean Hogs The 2008 rally of the entire LH futures complex was driven by two factors:

A rising cash market and, it appears more importantly, record-high cash grain and futures prices. The cash market was driven by burgeoning exports of U.S. pork to China/Hong Kong. Shipments of roughly 140 million pounds, carcass weight to that market in both May and June of 2008 are still the largest on record for U.S. pork exporters. Cash hogs topped out for the summer in mid-August when Iowa- Minnesota hogs reached $86/cwt carcass on August 15.

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