Hog Price “Hockey Stick” The impacts of African swine fever (ASF) in China are being felt in the hog market. Last week hog prices rebounded to their three-year average, charting out a classic “hockey stick.” The nearby futures contract closed yesterday at $81.325/cwt, up from the contract low of $52.5/cwt in mid-February. Given the volatile nature of the U.S.-China trade situation, the big question will be how long the highs will last.
The bullish turn in the hog market has had a dramatic effect in just two weeks, pulling up production margins.
As of 1 March, the Chinese hog and sow herds were estimated to be down 17 percent and 19 percent, respectively. China slaughters about 700 million head per year, so a 1...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
