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Lean hog futures rose 0.3% to 1.8% on Tuesday, with Feb 24 hogs closing up 57.5 cents at $75.85. The CME Lean Hog Index climbed 70 cents to $70.60 for the 1/26 reading, while the USDA pork cutout eased 52 cents to $88.55 with bellies weakest.
Weekly federally inspected slaughter reached 982k head, 20k ahead of the prior week.
Higher hog futures and index values reflect firm cash and wholesale pork demand against steady slaughter, which supports feed buyers' hog-linked demand outlook. Pork cutout weakness in bellies is a modest offset.
ibestmedia.comJan 31, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
