After gapping lower early, lean hogs spent Wednesday rallying back to close the gap and print intraday gains of as much as 40c. They eventually closed down by 32 to 67 cents for the day. The National Average Base Hog price for Wednesday afternoon was shown as $47.82, back up by 85 cents. The CME Lean Hog Index for 21/18 was $66.37, another 22 cents weaker.
Trader estimates for the Hogs and Pigs report due on Friday range from a 1.2% drop to a 0.4% increase in the hog herd Dec 1 to Dec 1. The average trade guess is to see a 0.5% lighter inventory of 74.475m head. Analysts estimate the Sep-Nov pig crop to be down 1.7% from last year.
The National Pork Carcass Cutout Value from Wednesday afternoon was quoted at $81.36 after a $1.70 decrease. USDA showed the week’s FI hog slaughter at 1.458m head for the week through Wednesday. That compares to 1.425m head last week and 1.422 million during the same week last year.
Feb 24 Hogs closed at $70.225, down $0.325,
Apr 24 Hogs closed at $76.925, down $0.675
Feb 24 Pork Cutout closed at $81.725, up $0.000,
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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