Hogs Rally on Tuesday with 20-Year Low in Pork Stocks
Lean hog futures were up anywhere from a tick to $2.35 on Tuesday, with a couple deferreds down 17 to 20 cents. The national average base hog negotiated price was at $87.86 in the Tuesday afternoon report. The CME Lean Hog Index was reported at $87.01 on November 22, down another 55 cents from the previous day.
Pork stocks were tallied at a 20 year low for the end of October on Monday afternoon, with NASS reporting 426.03 million lbs. That was down 7.06% from last month and 2.71% lower than last year’s total.
USDA’s FOB plant pork cutout value reported back lower on Tuesday PM, down $2.18 at $91.15 per cwt. The picnic primal was the only reported higher, with the rest reported lower, led by the rib with a $7.61 loss. USDA estimated Tuesday’s FI hog slaughter at 489,000 head, taking the WTD total to 978. That is even with last week and 19,628 head above the same week last year.
Dec 24 Hogs closed at $83.100, up $1.125,
Feb 25 Hogs closed at $88.275, up $2.350
Apr 25 Hogs closed at $91.575, up $1.450,
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.