Hogs are cooling off for the midweek session with triple digit losses, also facing pressure from the corn rally. Dec is down by $1.35 at midday, and is a net 20c weaker for the week. USDA’s National Average Base Hog price was another 16 cents lower to $68.62 in the Wednesday morning release. The 11/03 CME Lean Hog Index was 22 cents lower to $76.23.
Pork cutout futures are holding onto early session strength, though volume and OI remain thin. USDA’s National Pork Carcass Cutout Value was 99 cents lower, as bellies dropped another $7.05, to $86.78 and $100.72 for the bellies. The federally inspected hog slaughter for Tuesday was estimated at 489k head for a week to date total of 976k. That is 14k head more than last week but 4k less than the same week last year.
Dec 23 Hogs are at $71.700, down $1.200,
Feb 24 Hogs are at $74.125, down $1.900
Dec 23 Pork Cutout is at $81.825, up $0.425,
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.
