HomeMost Popular The Uptrend Continues: Hog Prices Marching Higher

The Uptrend Continues: Hog Prices Marching Higher

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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.

The opinions expressed in this article belong solely to the author and do not necessarily represent those of Nasdaq, Inc.

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