Lean hog futures are back up 70 to 90 cents in the nearby contracts so far on Tuesday. The USDA national average base hog negotiated price was reported at 88.23 on Tuesday morning, up 20 cents from the day prior. The CME Lean Hog Index for March 21 was down 9 cents from the previous day at $88.79.
The quarterly Hogs & Pigs report will be released on Thursday, with traders surveyed by Reuters looking for all inventory as of March 1 at 75.587 million head, up 1.2% from last year. That is widely expected to be via the marketing number, seen up 1.1% to 69.431 million head, with breeding hogs up 0.2% at 6.028 million head.
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The Monday afternoon FOB plant pork cutout from USDA was up $2.99 at $100.36 per cwt. The belly led the charge, up $19.39, with the loin the only up primal to show strength at the midday print. USDA estimated Monday’s Federally inspected hog slaughter at 488,000 head. That is up 1,000 from last Monday and 4,650 head above the same Monday last year.
Apr 25 Hogs are at $86.575, up $0.875,
May 25 Hogs are at $89.275, up $0.725
Jun 25 Hogs is at $96.575, up $0.775,
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.
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