Hogs Rally on Wednesday
The $2.40 to $3.37 gains in lean hog futures had the April contract to within $1.20 of the Jan 30th high. Futures have faded 10-30 cents from the daily highs for the midday prints. USDA’s National Average Base Hog price for the AM quote was $2.03 weaker to $66.03. The CME Lean Hog Index back up 10 cents on 2/9 to $73.70.
USDA’s National Pork Carcass Cutout Value for Wednesday morning was $1.36 weaker in the AM report to $85.80. was down $1.38 at $87.25 on Tuesday afternoon. The hams led the way lower with another $6 decrease in the AM quote. Federally Inspected hog slaughter was estimated at 492,000 head for Tuesday, bringing the weekly total to 977,000 head. That is compared to 979,000 head last week and is 21,593 head higher vs the same week last year.
Feb 24 Hogs are at $75.025, up $0.800,
April 24 Hogs are at $84.375, up $3.300
Feb 24 Pork Cutout is at $86.700, up $0.275,
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.
