Lean hogs rounded out Thursday with more pressure, as contracts were down $1.17 to $1.37. The USDA’s national average base hog negotiated price was reported at $89.44, down $2.54 from the day prior. The CME Lean Hog Index continues its rise, up 89 cents on February 18 at $90.98.
USDA’s FOB plant pork cutout value was down $1.49 on Thursday afternoon at $94.03 per cwt. The belly continues to be the main driver, down $7.46, with the rib, loin, and butt joining in on the weakness. USDA’s Federally inspected hog slaughter was estimated at 473,000 head on Thursday, taking the weekly total to 1.930 million head. That is 29,000 head below last week and down 25,954 head from the same week last year.
Apr 25 Hogs closed at $88.525, down $1.225,
May 25 Hogs closed at $92.450, down $1.175
Jun 25 Hogs closed at $100.300, down $1.375,
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.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
