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				May 5, 2021
				Basis Adjusted Price for:
	Placement month	Selling month	Pig price	Lean Hogs	Corn	Soybean Meal	Crush Margin
	Dec-20	May-21	40.16	103.81	4.04	386.20	98.14
	Jan-21	Jun-21	49.06	113.67	4.76	429.30	98.51
	Feb-21	Jul-21	54.41	113.59	5.28	422.00	88.32
	Mar-21	Aug-21	56.62	111.85	5.16	417.00	84.19
	Apr-21	Sep-21	48.18	90.74	5.46	397.40	48.86
	May-21	Oct-21	48.93	91.08	7.19	411.50	30.47
	Jun-21	Nov-21	45.94	85.65	6.72	411.32	27.28
	Jul-21	Dec-21	41.90	83.95	6.80	411.37	27.15
	Aug-21	Jan-22	41.90	79.32	6.02	406.99	25.98
	Sep-21	Feb-22	42.41	84.79	6.08	396.66	36.64
	Oct-21	Mar-22	42.41	82.82	5.74	387.80	36.80
	Nov-21	Apr-22	43.08	88.58	5.74	388.20	47.55
	Dec-21	May-22	43.08	87.55	5.80	387.91	44.97
	Jan-22	Jun-22	44.31	92.42	5.72	378.12	54.94
	Feb-22	Jul-22	46.59	91.69	5.77	373.11	51.08
	Mar-22	Aug-22	46.29	92.30	5.79	374.47	52.32