Hogs Shift Focus to Thursday Trade
Lean hog futures posted mixed action on Wednesday, with contracts 40 to 72 cents higher in the nearbys and December down 27 cents. USDA’s national base hog price had a weighted average of $114.97 on Wednesday afternoon, up $1.02 from the previous report. The CME Lean Hog Index was up 39 cents at $108.59 on July 21.
Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. It also outlines Japan buying $8 billion in US ag goods. For reference, ag and related exports to Japan have historically ranged from $12 to 16 billion annually.
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USDA’s Wednesday morning FOB plant pork cutout value was 91 cents lower at $117.24 per cwt. The belly primal was the only reported higher. USDA estimated hog slaughter at 473,000 head for Wednesday, with the weekly total estimated at 1.396 million head. That was 1,000 head below last week and down 17,935 head from the same week last year.
Aug 25 Hogs are at $108.475, up $0.725,
Oct 25 Hogs are at $90.900, up $0.400
Dec 25 Hogs is at $82.575, down $0.275,
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.
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