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Thriving Times for Lean Hog Futures

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Market Gains Ground

Lean hog futures soared by 2% to 2.8%, propelling the front months to unprecedented highs on Friday. June futures continued to maintain a commanding $18.60 premium over the spot board price. With fresh highs and new contract peaks, nearby futures experienced substantial gains, surging over $6 throughout the week.

Industry Indicators

The USDA’s National Average Base Hog price saw a decline of 53 cents on Friday, settling at $86.70. Simultaneously, the 4/2 CME Lean Hog Index notably strengthened by another 23 cents, reaching $85.15. The National Pork Carcass Cutout Value dipped by 40 cents to $97.75, driven by a significant $14.24 drop in bellies, somewhat offset by an $8.36 increase in hams.

Production Insights

Recent data from the USDA reported a pork output of 521.2 million lbs for the week, marking a 0.7% increase from the previous week and a 1.3% rise from the same week last year. FI hog slaughter was reported at 2.3421 million head for the week, marginally lower than 2.404 million head from the prior week and 2.37 million head during the corresponding week last year.

Apr 24 Hogs closed at $89.325, up $0.975, while May 24 Hogs closed at $97.550, up $2.475. In addition, Apr 24 Pork Cutout closed at $99.950, up $2.150.

Disclosure: On the date of publication, Alan Brugler did not have any positions in the securities mentioned. All information in this article is for informational purposes only.

Opinions expressed herein are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.

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