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Hogs Post Strength on Wednesday, Look to Thursday Trade
Lean hog futures closed the Wednesday session with most contracts up a dime to 40 cents higher. The national average base hog price was reported at $74.88 on Wednesday afternoon, down $2.45 from the week prior. The CME Lean Hog Index was $84.22 on September 16, down another 16 cents from the day prior.
USDA’s FOB plant pork cutout value was down 59 cents in the Wednesday PM report at $94.41 per cwt. The rib and loin were the only primals reported higher, with the picnic leading the way to the downside, $2.70 lower. USDA estimated FI hog slaughter at 479,000 head for Wednesday, with the weekly total at 1.428 million head. That is down 25,000 head from the previous week and 31,564 head below the same week last year.
Oct 24 Hogs closed at $82.050, up $0.275,
Dec 24 Hogs closed at $73.875, up $0.175
Feb 25 Hogs closed at $77.000, up $0.200,
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.