Hogs Looks to Friday Trade
Lean hog futures closed with contracts as much as 70 cents lower in the nearbys and higher in some deferreds. The national average base hog negotiated price was at $87.46 in the Wednesday afternoon report, down 40 cents from the day prior. The CME Lean Hog Index was reported at $85.90 on November 25, down another 56 cents from the previous day.
Over the Thanksgiving trade break, President-elect Trump spoke with Mexico’s President Sheinbaum. After the call, which reportedly went well, she mentioned there would be no potential tariff war.
USDA’s FOB plant pork cutout value reported lower on Wednesday PM, down $2.21 at $88.94 per cwt. The rib, ham, and belly primals were all reported lower, down a range of $5.02 to $9.49. USDA estimated Tuesday’s FI hog slaughter at 488,000 head, taking the WTD total to 1.466 million head. That is even with last week and 24,546 head above the same week last year.
Dec 24 Hogs closed at $82.400, down $0.700,
Feb 25 Hogs closed at $87.925, down $0.350
Apr 25 Hogs closed at $91.625, up $0.050,
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.