Hogs Rally on Tuesday
The April contract is back to the 18-wk moving average after a $2.07 gain on the day. The other front months were $0.77 to $1.60 higher at the close. USDA’s National Average Base Hog price was $1.19 higher on Tuesday afternoon to $77.35. The CME Lean Hog Index dropped by 7 cents to $81.41 on 3/8.
The USDA national Pork Carcass Cutout Value was $1.04 weaker on Tuesday afternoon to $92.47. USDA estimated FI hog slaughter at 491k head for a weekly running total of 946k head. That compares to 947k head last week and 972k head during the same week last year.
Apr 24 Hogs closed at $85.350, up $2.075,
Jun 24 Hogs closed at $102.200, up $1.150
Apr 24 Pork Cutout closed at $92.500, up $0.300,
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.
