Hog Rally Pushes Through Wednesday
Lean hog futures gapped higher on Wednesday and managed to post 70 cent to $1.35 gains across most contracts at the close. The national average base hog negotiated price was reported at $89.25 this afternoon, up 70 cents from the previous day. The CME Lean Hog Index was reported at $86.19 on February 10, another 44 cents higher than the day prior.
USDA’s daily FOB plant pork cutout value was down $1.09 in the Wednesday afternoon report to $98.63 per cwt. The loin, butt, rib, and belly primals were all reported lower in a range of $1.40 to $2.85, with the ham and picnic slightly higher. USDA’s Federally inspected hog slaughter for Wednesday was estimated at 490,000 head, taking the weekly total to 1.472 million head. That was 8,000 head larger than last week and 15,273 head above the same week last year.
Feb 25 Hogs closed at $89.450, up $0.725,
Apr 25 Hogs closed at $94.325, up $1.350
May 25 Hogs closed at $98.050, up $1.200,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.