Stability elusive in hog trading
Today, lean hogs find themselves in a precarious position, trading within a tight range as they hover on the brink of stability. The USDA’s National Average Base Hog price remains stagnant due to light volume, with the 5-day rolling average holding firm at $85.82. Riding alongside, the CME Lean Hog Index flaunts a 64-cent increase, settling at $87.05 as of April 5.
Shifting numbers in the pork market
Breaking through the stillness, the USDA’s National Pork Carcass Cutout Value experienced an uptick in the Tuesday AM report, showing a 48 cent increase at $100.81. However, not all cuts shared the upward momentum, with the rib and belly seeing a slight decline of -$4.48 and -$5.18, respectively. With an estimated 472,000 hogs federally inspected for slaughter on Monday, the market witnessed a significant surge of 114,000 more heads than the previous week and a whopping 122,127 above the count from the same Monday in the previous year.
Recent market movements
In the live hog futures market, the Apr 24 Hogs are valued at $90.200, showing a slight increase of $0.450, while Jun 24 Hogs stand at $108.000, up by $0.075. Furthermore, the Apr 24 Pork Cutout remains unmoved at $99.950.
As of the publication date, Alan Brugler had no positions in the securities mentioned in this article. The information provided here is for informational purposes only. For further details, refer to the Barchart Disclosure Policy.
The opinions and viewpoints expressed in this piece are solely those of the author and do not necessarily align with those of Nasdaq, Inc.
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