Lean Hog Futures Experience Mixed Results Amid Market Changes
Sluggish Pork Stocks and Pricing Trends Highlight Industry Challenges
On Tuesday, lean hog futures fluctuated, with gains ranging from a slight increase to $2.35. However, some deferred contracts saw declines of 17 to 20 cents. The national average base hog negotiated price stood at $87.86, according to the Tuesday afternoon report. Meanwhile, the CME Lean Hog Index for November 22 was reported at $87.01, reflecting a decrease of 55 cents from the previous day.
Pork stocks have hit a significant milestone, reaching their lowest level in 20 years, as reported on Monday afternoon. The National Agricultural Statistics Service (NASS) placed the stock at 426.03 million pounds, which is a decrease of 7.06% from last month and 2.71% lower compared to the same period last year.
The U.S. Department of Agriculture (USDA) reported a decline in its FOB plant pork cutout value on Tuesday afternoon, dropping by $2.18 to $91.15 per cwt. While the picnic primal saw an increase, other cuts fell, with the rib segment suffering the largest loss of $7.61. Additionally, the USDA estimated Tuesday’s federally inspected hog slaughter at 489,000 head, bringing the week-to-date total to 978,000—comparable to last week’s figures and 19,628 heads higher than the same week last year.
Dec 24 Hogs closed at $83.100, marking an increase of $1.125.
Feb 25 Hogs closed at $88.275, gaining $2.350.
Apr 25 Hogs closed at $91.575, reflecting an increase of $1.450.
On the date of publication,
Austin Schroeder
did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data are provided solely for informational purposes. For further details, please refer to the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
