Hogs Trend Higher
On Monday, lean hogs closed the session with contracts higher across the board, ranging from 7 to 87 cents. Notably, the USDA’s National Average Base Hog price dipped slightly by 38 cents, settling at $86.32 by Monday afternoon. Conversely, the CME Lean Hog Index saw another increase of 43 cents, reaching $86.31 by April 4.
Positive Movement in the Pork Market
The USDA’s National Pork Carcass Cutout Value reflected a bullish trend in the Monday PM report, showing a significant uptick of $2.58 to hit $100.33. This marks a milestone as the cutout value surpassed the $100 mark for the first time since September, with the belly leading the charge with an impressive $11.40 surge.
Record-Breaking Slaughter Numbers
Monday saw a robust federally inspected hog slaughter of 472,000 head. This marked a substantial increase of 114,000 head compared to the previous week and a staggering 122,127 head surge from the same Monday in the previous year.
Apr 24 Hogs closed at $89.750, up $0.425, while May 24 Hogs closed at $97.875, up $0.325. Additionally, the Apr 24 Pork Cutout closed at $99.950, showing no change.
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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