Hogs Rally after Weak Start to Wednesday
Nearby lean hogs rallied through the Wednesday session just 15 cents off the session highs and 20 to 45 cents in the black. The Feb contract started 50c in the red on a gap lower and printed a $1.72 range on the day. USDA’s National Average Base Hog price for Wednesday was 4 cents stronger to $45.27. The CME Lean Hog Index firmed up by 9 cents to $65.83 for 1/8.
Pork exports during November totaled 607.5 million lbs, a 3-year high for the month. That was up 5.2% from a year ago and 6.2% vs. October.
USDA’s National Pork Carcass Cutout Value strengthened by $2.14 to $86.67 for Wednesday. USDA reported the week’s FI hog slaughter at 470k head through Wednesday. That compares to 485k head during the same week last year.
Feb 24 Hogs closed at $72.075, up $0.200,
Apr 24 Hogs closed at $78.950, up $0.450
Feb 24 Pork Cutout closed at $85.500, down $0.250,
On the date of publication, Alan Brugler 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.
