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Iowa State University
Wean to Finish Crush Margin |
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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. |
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Carcass weight |
200 |
pounds |
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Pig price |
50% |
of 5-month-out lean hog futures |
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Corn |
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10 |
bushels per pig |
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Soybean Meal |
150 |
pounds per pig |
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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. |
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Based on closing
futures prices for |
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November 22, 2023 |
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Basis Adjusted Price for: |
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Placement month |
Selling month |
Pig price |
Lean Hogs |
Corn |
Soybean Meal |
Crush Margin |
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Jun-23 |
Nov-23 |
16.98 |
74.95 |
6.43 |
388.80 |
39.46 |
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Jul-23 |
Dec-23 |
16.61 |
67.68 |
5.36 |
417.50 |
33.88 |
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Aug-23 |
Jan-24 |
16.88 |
67.09 |
5.69 |
455.30 |
26.28 |
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Sep-23 |
Feb-24 |
19.41 |
70.79 |
4.77 |
426.69 |
42.42 |
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Oct-23 |
Mar-24 |
26.81 |
75.06 |
4.54 |
385.56 |
48.98 |
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Nov-23 |
Apr-24 |
29.28 |
76.95 |
4.52 |
454.00 |
45.33 |
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Dec-23 |
May-24 |
39.29 |
81.08 |
4.48 |
448.44 |
44.45 |
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Jan-24 |
Jun-24 |
42.38 |
88.89 |
4.63 |
429.96 |
56.86 |
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Feb-24 |
Jul-24 |
46.60 |
91.71 |
4.64 |
417.10 |
59.19 |
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Mar-24 |
Aug-24 |
47.60 |
94.48 |
4.60 |
414.97 |
64.24 |
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Apr-24 |
Sep-24 |
47.81 |
83.87 |
4.70 |
406.32 |
42.48 |
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May-24 |
Oct-24 |
41.31 |
81.52 |
4.71 |
407.53 |
44.04 |
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Jun-24 |
Nov-24 |
41.31 |
77.08 |
4.87 |
405.85 |
33.72 |
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Jul-24 |
Dec-24 |
37.83 |
75.05 |
4.77 |
411.73 |
33.74 |
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Aug-24 |
Jan-25 |
37.83 |
74.27 |
5.11 |
406.38 |
29.09 |
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Sep-24 |
Feb-25 |
39.50 |
77.97 |
5.00 |
401.42 |
36.29 |
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Oct-24 |
Mar-25 |
39.50 |
78.63 |
4.83 |
380.06 |
41.01 |
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Nov-24 |
Apr-25 |
41.08 |
80.53 |
4.85 |
386.76 |
42.47 |
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