Hogs Rallying on Friday

Lean hogs are posting a midday rally, with contracts up $1.30 to $2.02. USDA’s National Average Base Hog negotiated price was down $1.80 in the Friday morning report at $88.69. The CME Lean Hog Index was another dime higher at $91.46 on April 17. 

China’s ministry of ag reported the country’s sow herd at 39.92 million head on March 31, a drop of 7.3% from last year. The overall hog herd inventory was 408.5 million head, down 5.2% from last year.

USDA’s National Pork Carcass Cutout Value was another $1.06 in the Friday AM report, at $101.02. The rib primal was the only reported lower, with the belly leading the charge higher, up $2.23. USDA estimated Thursday’s federally inspected hog slaughter at 486,000 head, bringing the weekly total to 1.94 million head. That is 28,000 head above last week and a 35,849 head increase from the same week last year. 

May 24 Hogs  are at $96.100, up $1.375,

Jun 24 Hogs  are at $104.450, up $1.750

Jul 24 Hogs  is at $106.075, up $1.725,

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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