Triple Digit Drop for Lean Hogs
June hog futures spiked their 18-wk moving average at the daily low, but closed above it as futures have mostly been above that moving average since early Jan. At the close the front months were $1 to $1.77 weaker. USDA’s National Average Base Hog price increased by $1.12 on Tuesday to $80.78. The CME Lean Hog Index increased 20 cents for 3/15 to $82.54.
USDA’s National Pork Carcass Cutout Value was shown 21 cents stronger at $93.37 for Tuesday afternoon. The bellies were quoted at $129 even. CME’s Fresh Bacon Index was 69 cents weaker for the week at $163.44. USDA estimates the federally inspected hog slaughter at 491k head for Tuesday. That set the weekly total at 972,000 head, a 33k head increase from last week and up from 948k head during the same week last year.
Apr 24 Hogs closed at $85.825, down $1.000,
May 24 Hogs closed at $91.950, down $1.475
Apr 24 Pork Cutout closed at $93.650, down $0.000,
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.
