Chicago lean hog futures rallied on Tuesday ahead of the USDA’s Hogs and Pigs report, due on Thursday.
“The report may show a slight increase in total hog population, but analysts are speculating over what other stats may show and mean for futures prices,” the Wall Street Journal reported.
The question is if producers expanded the breeding herd in the last three months, and what that means for pork supplies next spring and summer, the report said, quoting the Steiner Consulting Group.
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Most-active December lean hog futures closed at 90.725 cents a pound, up 1.975 cents. October lean hogs settled at 100.525 cents a pound, up 1.725 cents.
Pork carcass cutout value sat at $112.68 per cwt in the USDA’s afternoon report, a loss of $0.62.
Most-active December live cattle futures closed at 238.750 cents per pound, a loss of $1.475. October live cattle settled at 235.600 cents a pound, down 1.550 cents.
Most-traded November feeder cattle contracts closed at 360.750 cents a pound, up 0.850 cents. October feeders closed at 362.125 cents a pound, up 0.775 cents.
Choice boxed beef was valued at $380.80 per cwt, down $0.59, the USDA reported. Select boxed beef lost $2.19 to close at $359.90 per cwt.
