Hogs Show Wednesday Weakness, with Cash and Cutout Losses
Lean hog futures saw losses of $1.20 to $1.90 across most contracts on Wednesday. Preliminary open interest suggested another round of long liquidation, down 2,760 contracts. USDA’s national base hog price from the Wednesday afternoon report was down $1.82 from the day prior at $100.43. The CME Lean Hog Index was down another 5 cents on September 29 at $104.73.
USDA’s FOB plant pork cutout report from Wednesday afternoon was $1.99 lower at $108.35 per cwt. The butt and picnic primals were the only reported higher, with the belly (-$9.68) leading the charge lower. USDA estimated federally inspected hog slaughter at 490,000 head for Wednesday, with the week to date total at 1.456 million. That is 7,000 head above last week but 4,252 head below the same week last year.
Oct 25 Hogs closed at $98.425, down $1.425,
Dec 25 Hogs closed at $86.900, down $1.825
Feb 26 Hogs closed at $89.025, down $1.275,
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 here.