Hogs Slip Lower into the Close

Pig grazing in field

Lean hogs were back to lower trade on Wednesday, with contracts down 2 to 35 cents on the day. USDA’s National Average Base Hog negotiated price was at $89.05 in the Wednesday afternoon report, up $1.22 from the day prior. The CME Lean Hog Index was down another 37 cents on May 24 at $91.26.

China’s Ministry of Ag reported that their national sow herd was 39.86 million head at the end of April, down 7% year/year but only down 0.1% from March.  Liquidation has slowed considerably from last winter’s pace. 

USDA’s National Pork Carcass Cutout Value was back down $1.66 in the Wednesday PM print at $101.74. The picnic and rib primals were the only two reported higher. USDA estimated federally inspected hog slaughter 488,000 head for Wednesday, with the weekly total at 965,000. That is down from the week prior because of the holiday and 7,605 head above the same week last year. 

Jun 24 Hogs  closed at $93.775, down $0.025,

Jul 24 Hogs  closed at $96.325, down $0.200

Aug 24 Hogs  closed at $95.900, down $0.200,

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.