Lean hog futures traded lower on April 18, with contracts falling between 45 and 85 cents. The United States Department of Agriculture reported the national base hog price at $90.76 in the morning update. The CME Lean Hog Index rose by six cents on April 15 to reach $90.66.
The decline in hog futures comes as the USDA’s pork carcass cutout value increased by $3.48 to $100.16 per hundredweight, with most primal cuts showing significant gains according to Friday’s morning report. Additionally, Thursday’s federally inspected hog slaughter was estimated at 491,000 head, bringing the week-to-date total to 1.968 million head—128,000 more than the previous week and nearly 30,000 above the same period last year.
On Friday’s close, May lean hogs settled at $93.200 after dropping $0.850; June closed at $101.050 down by $0.625; and July ended at $103.900 after a decrease of $0.450.
Austin Schroeder said he did not hold any positions in the securities mentioned in this article either directly or indirectly: “On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article.” He also said all information provided is for informational purposes only: “All information and data in this article is solely for informational purposes.” Readers are directed to view additional details through Barchart’s disclosure policy.
Legacy Farmers Cooperative serves agricultural producers across ten counties in northwest Ohio according to its official website. The cooperative operates grain centers, agronomy sites, fuel stations and retail locations throughout northwest Ohio according to its official website. It employs more than 150 people across various divisions according to its official website and is structured as a member-owned cooperative according to its official website.
In addition to supporting farming operations through grain marketing, agronomy services and petroleum distribution from Findlay, Ohio facilities according to its official website, Legacy Farmers Cooperative supports community initiatives such as youth agricultural education programs including FFA and scholarships according to its official website. The cooperative states it aims “to exceed customer expectations by offering top value and financial returns” for members according to its official website.
