Iowa State University Wean to Finish Crush Margin
               
The Crush Margin is the return remaining after accounting for the weaned pig, corn, and soybean meal that is used to cover the other more constant expenses.  The Crush Margin is based on the following assumptions.
Carcass weight 200 pounds
Pig price  50% of 5-month-out lean hog futures
Corn 10 bushels per pig
Soybean Meal 150 pounds per pig
The table below uses average cash prices of placement week for the pig, corn and soybean meal.  It uses basis adjusted lean hog, corn and soybean meal prices for pigs not yet placed.  The pig price is based on the 5-month-out lean hog futures price. Red values are known.
Based on closing futures prices for June 28, 2017
      Basis Adjusted Price for:  
Placement month Selling month Pig price Lean Hogs Corn Soybean Meal Crush Margin
Jan-17 Jun-17 47.66 77.33 3.21 294.10 52.84
Feb-17 Jul-17 48.94 85.96 3.28 308.50 67.05
Mar-17 Aug-17 46.52 78.04 3.32 308.90 53.20
Apr-17 Sep-17 39.02 65.78 3.22 281.10 39.26
May-17 Oct-17 32.86 66.79 3.27 292.50 46.08
Jun-17 Nov-17 32.14 58.62 3.36 275.10 30.86
Jul-17 Dec-17 30.96 58.63 3.32 301.01 30.54
Aug-17 Jan-18 30.96 60.33 3.72 307.82 29.44
Sep-17 Feb-18 32.78 63.47 3.60 315.30 34.55
Oct-17 Mar-18 32.78 64.75 3.51 305.67 38.69
Nov-17 Apr-18 34.73 66.45 3.52 308.89 39.77
Dec-17 May-18 34.73 70.24 3.60 303.07 46.98
Jan-18 Jun-18 36.73 74.67 3.68 304.60 52.96
Feb-18 Jul-18 38.45 73.86 3.71 309.55 48.97
Mar-18 Aug-18 37.91 73.09 3.68 304.82 48.61
Apr-18 Sep-18 37.26 62.86 3.77 305.74 27.84
May-18 Oct-18 32.63 63.86 3.70 306.80 35.05