Hogs faded their Tuesday rally with triple digit drops on Wednesday. April has dropped a cumulative $11.23 since printing the contract high late December. USDA’s National Average Base Hog price was $71.39 after a 22 cent increase. The quote for the WCB was 34 cents weaker to $71.92. The CME Lean Hog Index for 1/16 was 24 cents lower to $74.18.
Pork cutout futures went home down by $1.37 to $2.02 on Wednesday. USDA’s National Pork Carcass Cutout value was 45 cents stronger in the PM report to $77.89. The picnic cut dropped by $6.12 cwt. to the lowest quote since March of 2022. USDA estimated FI hog slaughter for the week through Wednesday at 1.398m head. That compares to 1.433m last week and 1.322m head during the same week last year.
Feb 23 Hogs closed at $77.325, down $1.125,
Apr 23 Hogs closed at $86.200, down $1.925
Feb 23 Pork Cutout closed at $85.225, down $1.375,
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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