As the closing bell chimed, hog futures relinquished some of their gains but remained steadfast, rising by triple digits on Wednesday and reaching three-week highs earlier in the session. The front months concluded Wednesday’s trading $1 to $1.42 in the black. The USDA’s National Average Base Hog price stood at $86.04 on Wednesday, marking an increase of $1.33. Furthermore, the 4/1 CME Lean Hog Index surged by 14 cents to $84.92.
Meanwhile, the USDA reported a decline in the National Pork Carcass Cutout Value, slipping by $2.22 to $94.91 on Wednesday afternoon. Weekly estimates for FI hog slaughter through Wednesday totaled 1.338 million head, a decrease from the 1.457 million head slaughtered last week and 1.446 million head during the corresponding period last year.
April 2024 Hogs wrapped up the day at $87.975, securing a gain of $1.425, while May 2024 Hogs closed at $95.000, up by $1.325. Additionally, April 2024 Pork Cutout closed at $97.800, rising by $0.825.
Disclaimer: Alan Brugler did not hold any positions (either directly or indirectly) in the securities discussed. The information provided in this article is for informational purposes only.
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