Pigs Commingled during Midday on Wednesday
The price of hogs continues to fluctuate, with the latest USDA's FOB plant pork cutout report for Wednesday showing a slight increase. The report stands at $112.74 per cwt, up 46 cents from the previous day. However, the story for lean hogs seems to be a different one.
On Tuesday, the hog slaughter total reached 488,000 head, a significant increase of 8,000 head compared to the previous week. This takes the weekly total to 978,000 head. The USDA's national base hog report for Wednesday shows a 28-cent increase from the day before, sitting at $106.25.
Despite these minor increases, lean hog futures have seen a mixed performance. On Wednesday, lean hog futures were up 15 cents and down 45 cents, suggesting a volatile market. The CME Lean Hog Index, on the other hand, was down 14 cents on September 15, at $106.00.
Ham and belly primals are the only reported lower primals in the USDA's FOB plant pork cutout report for Wednesday. The price of hogs on specific dates, such as Feb 26, Oct 25, and Dec 25, have seen a downward trend. On Feb 26, the price was at $89.950, down $0.250 from the previous day. On Oct 25, the price was at $97.525, an increase of $0.150, but a decrease from the price on Feb 26. On Dec 25, the price was at $87.775, down $0.450 from the previous day.
As we approach the end of peak grilling season, the question remains: how much lower can hogs go? The volatility in the market suggests that the price could continue to fluctuate. The possibility of a market top for lean hogs is a topic of discussion among industry experts.
It's important to note that the article does not discuss the CME Lean Hog Index or the USDA's national base hog report for the current day. Also, there are no search results indicating which institution Austin Schroeder, who did not have positions in any of the securities mentioned in the article, represented at the stock exchange on the specified day in relation to the mentioned commodities.
In conclusion, the price of hogs continues to be a subject of interest in the market. With the end of peak grilling season, the price could continue to fluctuate, and the possibility of a market top for lean hogs is a topic of discussion. Stay tuned for more updates on this developing story.
