Lean Hog Futures Continue to Rise as Market Adjusts
February Prices Lead Gains Amid Slaughter Declines
Lean hog futures are showing gains of 15 to 67 cents at midday on Thursday, with February futures leading the way. On Wednesday afternoon, the national average base hog negotiated price stood at $81.26, reflecting an increase of $1.51 from the previous day. The CME Lean Hog Index also rose, settling at $81.46, up 6 cents from the day before.
The USDA reported a decrease in the FOB plant pork cutout value, which was down 65 cents in the Wednesday afternoon report, coming in at $90.17 per hundredweight (cwt). The federally inspected hog slaughter for Wednesday reached 444,000 head. So far this week, the total stands at 1.348 million head, which is 99,000 head lower than last week and down by 103,582 head compared to the same week last year.
Current prices for Lean Hogs are as follows:
- Feb 25 Hogs: $82.125, up $0.650
- Apr 25 Hogs: $87.425, up $0.150
- May 25 Hogs: $92.325, up $0.325
On the date of publication, Alan Brugler did not hold any positions in the securities mentioned in this article. All information and data contained herein are strictly for informational purposes. For additional details, please refer to 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.
