Hogs Rallying Back on Wednesday
Lean hog bulls are fighting back on Wednesday, with contracts up $1.25 to $1.65 at midday. The national average base hog negotiated price was reported at $90.24 by the USDA this morning. The CME Lean Hog Index was down another 21 cents on February 24 at $89.47.
USDA’s FOB plant pork cutout value was back up $1.74 at $95.65 per cwt on Wednesday morning. The butt, rib, and ham were the primals reported lower, with the rest turning higher led by the belly. Federally inspected hog slaughter for Tuesday was estimated by the USDA at 489,000 head, taking the week to date total to 979,000 head. That is 11,000 head above last week but down 753 head from the same week last year.
Apr 25 Hogs are at $88.025, up $1.450,
May 25 Hogs are at $92.225, up $1.625
Jun 25 Hogs is at $100.350, up $1.250,
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.
