Hogs Get Turnaround Tuesday Pop
Lean hog futures closed the Tuesday session with contracts up 45 to 95 cents. The USDA national average base hog negotiated price was reported at $88.65 on Tuesday afternoon, down $1.64 from the day prior. The CME Lean Hog Index for March 21 was down 9 cents from the previous day at $88.79.
The quarterly Hogs & Pigs report will be released on Thursday, with traders surveyed by Reuters looking for all inventory as of March 1 at 75.587 million head, up 1.2% from last year. That is widely expected to be via the marketing number, seen up 1.1% to 69.431 million head, with breeding hogs up 0.2% at 6.028 million head.
Cold Storage data was released this afternoon, with NASS showing 423.137 million lbs of pork stocks on hand at the end of February that is a 3.9% increase from January but down 7.75% from last year’s total.
Tuesday afternoon’s FOB plant pork cutout from USDA was up 18 cents at $97.55 per cwt. The belly led the charge, up $7.77, with the picnic the only up primal to show strength. USDA estimated Tuesday’s Federally inspected hog slaughter at 490,000 head, taking the weekly total to 963,000 head. That is down 12,000 head from last week after a revision to Monday and 1,027 head below the same week last year.
Apr 25 Hogs closed at $86.650, up $0.950,
May 25 Hogs closed at $89.050, up $0.500
Jun 25 Hogs closed at $96.250, up $0.450,
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.