Markets

Morning Hog Market Report

Some traders indicated that yesterday's jump in loin values may have provided a level of support to the hog market. Pork cutout values, released after the close yesterday, came in at $93.26, up 87 cents from Tuesday but down from $97.59 the previous week. Loins jumped $7.70 to $117.28 from $113.14 last week at this time. Cash hogs were $1.00-$2.00 lower on the session yesterday, as packers did not appear to need more hogs and supply appeared ample. Cash is expected to trade steady/weak for today, pressured by negative packer profit margins and a slower slaughter schedule for next week. Average weights for Iowa/Minnesota hogs for the week ending May 21st came in at 270.9 pounds, down from 270.8 pounds the previous week. The estimated hog slaughter came in at 410,000 head yesterday. This brings the total for the week so far to 1.215 million head, up from 1.213 million last week at this time and up from 1.145 million a year ago.

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


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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