Lean hogs fell lower on Tuesday, with losses of $1.35 to 2.20. The national average base hog negotiated price was reported at $89.21 on Tuesday afternoon, up 80 cents from the day prior. The CME Lean Hog Index was back up 50 cents from the previous day on February 28 at $89.94.
In response to President Trump’s additional 10% tariff on Chinese goods, China has issued a 10% tariff on imports of US pork. Mexico has given a Sunday deadline on how they will respond to President Trump’s 25% tariff, as Canada has already responded with 25% tariffs on $30 billion(Canadian) of US goods. A second round of Canadian tariffs are coming in the next 21 days on $125 billion, including pork. Later on Tuesday, Commerce Secretary Lutnick indicated there may be an announcement coming on Wednesday regarding a potential relief of the tariffs.
Tuesday afternoon’s FOB plant pork cutout value from USDA was down $2.02 at $97.77 per cwt. The picnic was the only primal reported higher. USDA estimated the Tuesday Federally inspected hog slaughter at 487,000 head, with the week to date total at 972,000 head. That is 7,000 head below last week but 35,481 head above the same week last year.
Apr 25 Hogs closed at $82.350, down $1.350,
May 25 Hogs closed at $85.475, down $2.200
Jun 25 Hogs closed at $93.150, down $2.200,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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