The midweek triple digit drop left lean hog futures at prices not seen since October. Feb and May contracts were down by 50 and 57 cents as the other nearby contracts fell $1.05 to $1.20 on the day. USDA’s National Average Base Hog price was 32 cents weaker to $72.99. The 1/09 CME Lean Hog Index was $76.44, down by another 35 cents.
Pork cutout futures also faded on Wednesday, ending the session $0.67 to $1.02 in the red. USDA’s National Pork Carcass Cutout value was $1.05 lower to $80.68. USDA estimates the WTD hog slaughter at 1.433m head through Wednesday. That’s up 102k head from the same week last year.
Feb 23 Hogs closed at $79.300, down $0.500,
Apr 23 Hogs closed at $88.400, down $1.125
Feb 23 Pork Cutout closed at $87.350, down $0.675,
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.
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