Hog Futures See Modest Gains Amid Mixed Market Signals

The Lean Hog futures market experienced a slight boost on Monday, with contracts rising 5 cents to $1.35. In a positive shift, the national average base hog negotiated price climbed to $83.52, marking a $1.85 increase from the previous day. However, the CME Lean Hog Index reported a drop to $90.43 on November 7, down 18 cents from the prior day.

Decline in FOB Plant Pork Cutout Value

In the USDA’s evening report, the FOB plant pork cutout value decreased by 92 cents to $101.46 per cwt. While both the loin and picnic cuts showed price gains, the belly drove the overall decline with a significant drop of $11.18. On Monday, USDA estimated the fixed intention (FI) hog slaughter at 458,000 head, which is 31,000 head lower than the previous week, yet 15,100 head higher than the same week last year.

Future Contracts Close Strong

Dec 24 Hogs closed at $81.775, an increase of $1.350.

Feb 25 Hogs finished at $85.925, gaining $1.100.

Apr 25 Hogs closed at $89.975, up by $0.725.

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 is solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.