The hog market worked higher on Tuesday into the close, ending less than 10 cents off the highs. December rallied $1.52 on the day, taking the contract to price levels not seen since the Sep drop began. The 8/16 contract high is still $4.88 away, but the CME Lean Hog index was $93.35 on 10/14. That was up from $93.09. The National Average Base Hog price was $93.85 in the PM report, up by $7.61. USDA showed ECB hogs averaging $90.82 and WCB as $96.57 in the update.
The pork cutout futures also worked triple digits higher on Tuesday. The Pork Cutout Value was down by 83 cents in the PM report to $102.67. Week to date hog slaughter was estimated at 981,000 head through Tuesday, compared to 977k last week and 953k head during the same week last year.
Dec 22 Hogs closed at $86.475, up $1.525,
Feb 23 Hogs closed at $87.800, up $1.825
Dec 22 Pork Cutout closed at $96.525, up $1.300,
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.
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