Hogs Futures Falling as Morning Cutout Print Collapses
Lean Hog futures are posting sharp Thursday losses of $1.55 to $2.20 at midday, as the midday pork cutout print was sharply lower. The national average base hog negotiated price was reported at $87.18 on Thursday morning, down 81 cents 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 AM report, down $4.23 at $93.03 per cwt. The picnic and rib were the only primals reported higher, with the belly the driver to the downside, $25.68 lower. USDA estimated Wednesday’s FI hog slaughter at 489,000 head, with the week to date total at 1.436 million head. That is 29,000 head below last week but up 1,419 head from the same week last year.
Dec 24 Hogs are at $80.325, down $1.550,
Feb 25 Hogs are at $83.825, down $2.200
Apr 25 Hogs is at $88.275, down $1.875,
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.