Hogs Collapse on Weaker Cutout
Lean Hog futures posted Thursday losses of 60 cents to $2.25 on Thursday, with a couple deferreds mixed. The national average base hog negotiated price was reported at $86.14 on Thursday afternoon, down $2.80 from the day prior. The CME Lean Hog Index was reported at $89.94 on November 12, back up 6 cents from the previous day.
USDA’s FOB plant pork cutout value was lower in the Thursday PM report, down $3.19 at $94.07 per cwt. The picnic and loin were the only primals reported higher, with the belly the driver to the downside, $20.78 lower. USDA estimated Thursday’s FI hog slaughter at 488,000 head, with the week to date total at 1.924 million head. That is 28,000 head below last week but up 2,343 head from the same week last year.
Dec 24 Hogs closed at $80.100, down $1.775,
Feb 25 Hogs closed at $83.775, down $2.250
Apr 25 Hogs closed at $88.125, down $2.025,
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.
