Hog Market Firm for Wednesday’s Midday
Lean hogs were initially gaining for Wednesday, though prices faded back into midday. Futures are still 27 to 57 cents in the black. USDA’s National Average Base Hog price was $1 weaker to $80.02 this morning. The CME Lean Hog Index was $83.48 after an 11 cent drop.
USDA will release their quarterly Hogs & Pigs report on Thursday afternoon. Traders expect shrinkage in the Kept for breeding category, with estimates between 95.2 and 98% of year ago. That is offset by higher productivity, with pigs per litter estimates up 3.4% from last year. The market hog and all hog numbers are seen at or slightly above year ago.
USDA’s National Pork Carcass Cutout Value was another 60 cents weaker on Wednesday morning to $94.73. USDA estimated the week’s FI hog slaughter at 974k head for the week which compares to 972k last week and 965k for the same week last year.
April 24 Hogs are at $86.100, up $0.525,
May 24 Hogs are at $92.000, up $0.250
April 24 Pork Cutout is at $93.950, unch,,
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.