Hogs Rallying on Wednesday
Lean Hog futures are trading with $1 to $1.80 gains so far on Wednesday’s midday. The national average base hog negotiated price was up $3.16 in the Wednesday AM report at $85.16. The CME Lean Hog Index was reported at $88.09 on November 18, down another 40 cents from the previous day.
USDA’s FOB plant pork cutout value reported back higher on Wednesday morning, down $2.29 at $96.97 per cwt. The butt, rib, and ham primals were reported lower, with the picnic ($6.96) and belly ($8.28) leading the charge to the upside. USDA estimated the Tuesday FI hog slaughter at 489,000 head, with the weekly total at 978,000 head. That is 33,000 head above last week and up 993 head from the same week last year.
Dec 24 Hogs are at $80.600, up $1.050,
Feb 25 Hogs are at $84.675, up $1.800
Apr 25 Hogs is at $88.825, up $1.725,
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.