Lean Hog Futures Dip, Yet Slaughter Numbers Rise
The Monday session concluded with lean hog futures experiencing a decline of 15 to 82 cents, while a few deferred contracts showed modest gains. The national average base hog negotiated price rose to $81.02 by Monday afternoon, reflecting an increase of 89 cents from the previous day. In contrast, the CME Lean Hog Index registered at $83.73 on December 5, marking a decrease of 20 cents from the day before.
The USDA reported an increase in the FOB plant pork cutout value, which climbed by $2.47 to $93.63 per cwt as of Monday afternoon. Notably, the loin and picnic cuts saw a decrease, while the rib and ham cuts significantly contributed to the overall rise, up $7.21 and $7.18 respectively. Additionally, the USDA estimated the Monday federally inspected hog slaughter at 489,000 head, remaining consistent with the previous week and showing an increase of 16,483 head compared to the same day last year.
Market Prices Overview
Here are the closing prices for the upcoming contracts:
- Dec 24 Hogs closed at $82.900, down $0.400
- Feb 25 Hogs closed at $86.500, down $0.825
- Apr 25 Hogs closed at $91.200, down $0.650
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
