Hogs Firmed Up for Wednesday
Nearby lean hog prices were 12 to 62 cents higher across the front months, leaving June with a $1.90 weekly gain into the quarterly Hogs and Pigs report. USDA’s National Average Afternoon Base Hog price was $1.37 weaker to $79.26. The CME Lean Hog Index was $83.69 for 3/25, back up by 21 cents.
USDA will release their quarterly Hogs & Pigs report on Thursday afternoon. Traders expect shrinkage in the Kept for breeding category, with estimates between 95.2 and 98% of year ago. That is offset by higher productivity, with pigs per litter estimates up 3.4% from last year. The market hog and all hog numbers are seen at or slightly above year ago.
USDA’s National Pork Carcass Cutout Value dropped another r$1.27 to $94.06 on Wednesday afternoon. USDA estimated FI hog slaughter for the week at 1.457 million head through Wednesday. That is 5k head behind last week’s pace but is up 15k head from the same week last year.
Apr 24 Hogs closed at $86.100, up $0.525,
May 24 Hogs closed at $92.400, up $0.650
Apr 24 Pork Cutout closed at $95.500, up $1.550,
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.