Hogs Look to Thursday Trade
Lean hog futures posted Wednesday weakness of 62 cents to $1.175. Preliminary open interest showed some longs liquidating, down 3,311 contracts. USDA’s national average base hog negotiated price was reported at $93.00 on Wednesday afternoon a 2 cent dop from the day prior. The CME Lean Hog Index was up another 60 cents from the previous day at $88.78 on April 28.
The Wednesday morning pork cutout value was back up 2 cents at $96.61 according to the USDA. The rib and belly primals were the only reported higher, with the rest lower. Tuesday’s federally inspected hog slaughter from USDA was estimated at 487,000 head, taking the weekly total to 1.461 million head. That is up 148,000 head from the previous week and 28,853 head above the same week last year.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
May 25 Hogs closed at $91.925, down $0.625,
Jun 25 Hogs closed at $98.275, down $1.175
Jul 25 Hogs closed at $98.600, down $1.000,
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.
