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Hogs Correction Continued on Friday
Lean hogs hit their high for the week on Tuesday and spent the rest of the week fading the early rally. Futures settled $1.00 to $2.525 lower on Friday. USDA’s National Average Base Hog negotiated price was $90.38 in the PM report, up $1.67. Regional prices were not available due to confidentiality restrictions. The CME Lean Hog Index was back down 21 cents on April 24 at $91.43. May futures still hold a near $3 premium to cash.
USDA’s National Pork Carcass Cutout Value was higher in the Friday afternoon report, up $0.14 to $97.63. The ham and picnic primals were the only ones reported lower, with the loins up $2.46. USDA estimated Friday federally inspected hog slaughter at 439,000 head, with the week to date total at 2.375 million head. The estimated run including Saturday is 2.379 million, down 112,000 from last week. Slaughter YTD is up 0.6%.
May 24 Hogs are at $94.150, down $1.125,
Jun 24 Hogs are at $102.675, down $2.325
Jul 24 Hogs is at $105.925, down $1.875,
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.