Hogs Rallying Back on Tuesday
Lean hog futures are pushing back following limit losses on Monday, with contracts up $1.02 ti $3.47 at midday, with today having expanded limits of $6. The national average base hog negotiated price was not reported on Tuesday morning due to low volume, with the 5-day rolling average at $83.92. The CME Lean Hog Index was reported at $83.77 on January 31, up 29 cents from the previous day.
The tariff threat on Mexico and Canada has been put on the back burner for now, with pork missing out on the Chinese retaliatory action overnight.
USDA’s FOB plant pork cutout value was 78 cents higher in the Tuesday AM report at $94.59 per cwt. The belly was the only primal reported lower. Federally inspected hog slaughter for Monday was estimated at 491,000 head. That was 8,000 head above Monday but up 2,772 head from the same Monday last year.
Feb 25 Hogs are at $85.350, up $1.025,
Apr 25 Hogs are at $89.825, up $3.475
May 25 Hogs is at $93.775, up $3.050,
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.