Hogs Rally Despite Cutout Weakness
Lean hogs posted $1.07 $1.15 higher action on Wednesday. The USDA National Base Hog price was reported at $85.76 in the Wednesday morning report, a $1.08 increase from the morning prior. The CME Lean Hog Index was $92.59 on July 29, up another 30 cents from the previous day.
USDA’s FOB plant pork cutout value was down 72 cents in the Wednesday PM average carcass quote, at $104.88 per cwt. The rib, picnic, and ham were all lower, with the latter down $6.55. USDA estimated the Wednesday FI hog slaughter at 481,000 head, taking the WTD total to 1.435 head. That is up 22,000 head from last week and 4,882 head above the same week a year ago.
Aug 24 Hogs closed at $92.275, up $1.075,
Oct 24 Hogs closed at $75.925, up $1.150
Dec 24 Hogs closed at $68.725, up $1.100,
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.