Hogs Rallying at Midday Despite Port Shutdown
Lean hogs are posting$1.37 to $1.60 gains across most nearbys on Tuesday. The national average base hog price was reported at $77.99 on Tuesday morning, up $1.57 from the previous day. The CME Lean Hog Index was $84.01 on September 27, down 2 cents from the day prior.
Several ports along the East Coast have been shut down due to a strike by workers halting container traffic, likely impacting some pork shipments in the coming days.
USDA’s FOB plant pork cutout value up 9 cents in the Monday PM report at $97.35 per cwt. The loin and rib were the only primals reported lower, with the other primals up by a range of $1.79 to $5.70. USDA estimated FI hog slaughter for Monday at 485,000 head. That is up 6,000 head from the previous Monday and 2,294 head below the same Monday last year.
Oct 24 Hogs are at $83.625, up $1.375,
Dec 24 Hogs are at $74.875, up $1.600
Feb 25 Hogs is at $78.850, up $1.475,
On the date of publication, Austin Schroeder 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.