Lean Hog Futures Surge Amid Mixed Pricing Reports
Key Market Metrics: Lean hog futures are currently seeing increases, with contracts rising between $1.47 and $2.60 on Monday. However, the national average base hog negotiated price has decreased to $77.62, which is down 36 cents from the previous day. The CME Lean Hog Index reflects a price of $80.43 as of January 9, marking a 16-cent decline from the day before.
Pork Cutout Value Rises: According to the USDA, the FOB plant pork cutout value rose by $1.47 in the morning report, now sitting at $92.83 per cwt. While the butt and belly primals decreased in value, other cuts, particularly ham and rib, exhibited strong gains. In terms of slaughter figures, the federally inspected hog slaughter for the past week reached 2.551 million head by Saturday, which is an increase of 285,000 head compared to last week, and 379,871 head above the same week in 2022.
Feb 25 Hogs are priced at $83.250, reflecting an increase of $1.475.
Apr 25 Hogs are currently at $89.750, up $2.400.
May 25 Hogs have risen to $94.625, an increase of $2.600.
On the date of publication,
Austin Schroeder
did not hold any positions in the securities mentioned in this article. All data provided is for informational purposes only. For more information, please view the Barchart Disclosure Policy
here.
The opinions expressed in this article are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
