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The Surge of Hogs: A Midweek Rally

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Current Market Trends

Midday hog futures are surging up by $0.80 to $1.35, hovering around their highest levels for the session. The USDA’s National Average Base Hog price stood at $85.59 as of Wednesday morning, indicative of the current bullish sentiment in the market. Furthermore, the CME Lean Hog Index experienced an 18-cent increase on 3/29, reaching $84.78.

Industry Insights

Despite a minor setback, with the USDA reporting a $1.51 decline in the National Pork Carcass Cutout Value due to weaker rib primals, the market remains strong with a value of $95.62. Additionally, the USDA’s estimation of FI hog slaughter stood at 489k head for Tuesday, amounting to a weekly total of 847,000 head. This figure marks a deviation from the 967k head from the previous week and 970k head during the corresponding week last year.

Future Projections

Looking ahead, the futures market reflects a positive trajectory with April 24 Hogs at $86.550, slightly down by $0.400, May 24 Hogs at $93.675, a marginal decrease of $0.075, and Jun 24 Hogs standing at $103.725, showing a promising increase of $0.225.

All the data and information provided in this article are intended for informational purposes only, and at the time of publication, Alan Brugler had no direct or indirect positions in the securities discussed. For more details, please refer to the Barchart Disclosure Policy.

It is crucial to note that the views and opinions expressed in this content belong solely to the author and may not align with those of Nasdaq, Inc.