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Hogs Put Together Midday Rally on Wednesday
Lean hogs were weaker to start the midweek session, but are posting midday gains of 7 to 75 cents. USDA’s National Average Base Hog negotiated price was back down $1.60 in the Wednesday AM report at $92.58. The CME Lean Hog Index was back up 23 cents on May 6 at $91.03. USDA’s National Pork Carcass Cutout Value was back up $2.70 in the Wednesday morning print at $99.79. The belly ($8.90) was the drivers to the upside this time, with the butt and ham primals reported lower. USDA estimated federally inspected hog slaughter for Tuesday at 478,000 head, with the WTD total at 959,000 head. That is 1,000 head above last week and up 41,828 head from the same week last year. May 24 Hogs are at $92.600, up $0.075, Jun 24 Hogs are at $99.075, up $0.750 Jul 24 Hogs is at $102.775, up $0.275, On the date of publication, Alan Brugler 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 here. |
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