Hogs Fall Lower on Wednesday
Lean hog futures were pressured by a weaker cutout on Wednesday with losses of $3.25 to $3.60. Much of that was likely to long liquidation, with preliminary open interest down 9,466 contracts The Wednesday national average base hog negotiated price was reported at $91.98 by the USDA, up 19 cents from the day prior. The CME Lean Hog Index was another 70 cents higher on February 17 at $90.19
Wednesday afternoon’s USDA FOB plant pork cutout value dropped $3.95 to $95.52 per cwt. The belly was the main driver, down $16.75, with the rib the only primal reported higher. The USDA Federally inspected hog slaughter was estimated at 489,000 head on Wednesday, taking the weekly total to 1.457 million head. That is 15,000 head below last week and down 9,166 head from the same week last year.
Apr 25 Hogs closed at $89.750, down $3.450,
May 25 Hogs closed at $93.625, down $3.250
Jun 25 Hogs closed at $101.675, down $3.575,
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.