Piglets napping
Lean hogs are currently down by $1.50 to $1.65 through midday, leaving the Dec contract at a net $3.10 loss for the week’s move. The National Average Base Hog price from the PM update was 59 cents lower to $73.16. The CME Lean Hog Index was another 45c weaker to $80.70 on 10/17.
Pork cutout futures were higher on the day with 12 to 30c gains. USDA’s National Pork Carcass Cutout Value was $87.13 on Thursday afternoon, down by another 82c. USDA estimated FI hog slaughter for the week through Thursday at 1.924m head. That is down 18k head from last week and is 20k below the same week last year.
Dec 23 Hogs are at $66.425, down $1.575,
Feb 24 Hogs are at $70.825, down $1.500
Dec 23 Pork Cutout is at $75.875, down $2.075,
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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