Thursday Pullback for Hog Futures
Hogs are backing off through Thursday with triple digit weakness at midday. USDA’s National Average Base Hog price was up by $3.16 on Wednesday afternoon to $62.56. The 1/26 CME Lean Hog Index was up another 70 cents to $70.60.
Weekly FAS data showed 42.9k MT of pork was sold for export during the week that ended 1/25. Exports were marked at 30.1k MT for the week.
USDA’s National Pork Carcass Cutout Value fell 88 cents in the PM report to $87.56. The federally inspected hog slaughter was 1.473m head for the week through Wednesday. That compares to 1.455m head last week and 1.443m head during the same week last year.
Feb 24 Hogs are at $75.875, down $0.475,
April 24 Hogs are at $83.150, down $1.675
Feb 24 Pork Cutout is at $88.000, down $0.050,
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.
