Hog prices in the US have doubled
The cash hog prices have more than doubled since the end of July. The backup of hogs have been eliminated and demand for the pork is on the rise, announced Allan Bentley, USA Sales at Genesus Genetics. "Currently, the cutout value is just under $90. That leaves plenty of margin for packers to continue to chase the hog prices higher. This is usually not the season for an increase, however, nothing about this year is normal. I usually like to advise taking advantage of December hogs when they approach $66 but I think we have some more upside at this time. Demand from China is up and the disconnect between futures and cash hogs could be factored in pushing prices even higher," he explained.
However, packers in the US are reacting slowly to this market reality and are trying to protect their margins. "They still feel they are in the driver's seat although that is changing as they are struggling to buy open market pigs at a lower cost as they normally can this time of year…but then again this is 2020 so who knows what could happen! Packers, or for that matter, feeder pig buyers like to negotiate in the 4th quarter as it gives them the upper hand with seasonal low prices. It is my belief that sellers will be in the driver seat this year," added Mr Bentley.
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