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Lean hog futures rallied on Wednesday with April contracts gaining $2.40 to $3.37 and nearing the January 30 high. USDA's national base hog price fell $2.03 for the AM quote, while federally inspected slaughter was estimated at 492,000 head for Tuesday.
Strong futures gains reflect bullish sentiment, but a weaker cash hog price and steady slaughter pace suggest limited fundamental support for the move.
ibestmedia.comFeb 14, 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.
April hogs rallied $2.40-$3.37 on Feb 14, approaching the Jan 30 high, adding to the weekly gain via momentum and technical buying.
