Hogs See Tuesday Pullback as Traders Look to Wednesday
Lean hog futures were down 47 cents to $1.27 across most contracts on Tuesday. Preliminary open interest data showed some long liquidation, down 2,904 contracts. USDA’s national base hog price from Tuesday afternoon was reported at $98.63, down 76 cents from the day prior. The CME Lean Hog Index was down another 82 cents on October 3 at $102.02.
USDA’s FOB plant report showed the pork cutout down $1.51 on Tuesday PM at $106.03 per cwt. The ham primal was the only reported higher, as the ham led the charge lower, down $7.10. USDA estimated federally inspected hog slaughter at 488,000 head for Tuesday, taking the week’s total to 979,000 head. That is 13,000 head above last week and 21,672 head larger than the same week last year.
Oct 25 Hogs closed at $97.850, down $0.475,
Dec 25 Hogs closed at $86.175, down $1.100
Feb 26 Hogs closed at $88.275, 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.