Hogs Mixed on Wednesday
Lean hogs closed on either side of unchanged on Wednesday, with front months up 5 to 52 cents and other contracts 10 to 22 cents lower. The USDA National Base Hog price was reported at $90.97 on Wednesday afternoon, down 68 cents from the previous day. Futures are now below the cash, but not the CME Lean Hog Index at $89.31, back up 14 cents on July 1. The CME will be closed on Thursday for the July 4th holiday, with a normal open on Friday.
May pork exports total 584.7 million lbs according to converted Census data. That was a drop of 5.4% from last year and 10.9% below April.
USDA reported the Wednesday PM Pork Cutout Value down 63 cents at $93.63. The butt was weighing things down with losses of $8.53, as just the picnic, loin were reported higher. USDA estimated Wednesday’s FI hog slaughter at 479,000 head, taking the weekly total to 1.427 million head. That is up 17,000 head from a week ago and well above the same week last year as the holiday fell earlier in the week.
Jul 24 Hogs closed at $89.750, up $0.525,
Aug 24 Hogs closed at $89.825, up $0.050
Oct 24 Hogs closed at $74.175, down $0.100,
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.