Lean Hog Futures Surge: Key Market Insights
Lean hog futures experienced a notable rise on Wednesday, ranging from a dime to $2.47 higher across various contracts. The national average base hog price reported was $77.43, reflecting an increase of 63 cents from the previous day. Meanwhile, the CME Lean Hog Index stood at $84.08 on October 14, marking a slight decline of 8 cents compared to the day prior.
Strong Pork Cutout Values and Slaughter Data
According to the USDA, the FOB plant pork cutout value was reported at $94.85 per cwt on Wednesday afternoon, which is an uptick of 45 cents from the previous session. Among the primals, only picnic, rib, and ham cut values showed improvement. Additionally, the USDA estimated Wednesday’s federal inspected (FI) hog slaughter at 486,000 head, bringing the total for the week to 1.446 million head. This represents an increase of 5,000 head from the week before and up by 7,252 head from the same week last year.
Futures Market Performance
Dec 24 Hogs closed at $77.700, showing a significant rise of $2.475.
Feb 25 Hogs finished at $81.100, up by $1.800.
Apr 25 Hogs closed at $85.050, an increase of $1.250.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data provided are for informational purposes only. For further details, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
