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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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January 25, 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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Aug-22 |
Jan-23 |
41.45 |
78.89 |
7.12 |
533.80 |
5.15 |
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Sep-22 |
Feb-23 |
41.47 |
75.86 |
7.28 |
471.09 |
2.11 |
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Oct-22 |
Mar-23 |
39.05 |
82.08 |
6.62 |
411.70 |
28.03 |
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Nov-22 |
Apr-23 |
36.57 |
83.44 |
6.80 |
419.60 |
30.84 |
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Dec-22 |
May-23 |
49.92 |
89.96 |
6.51 |
433.84 |
32.36 |
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Jan-23 |
Jun-23 |
58.75 |
97.45 |
6.56 |
438.80 |
37.67 |
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Feb-23 |
Jul-23 |
50.90 |
100.03 |
6.50 |
455.91 |
49.98 |
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Mar-23 |
Aug-23 |
51.48 |
101.89 |
6.49 |
454.21 |
53.39 |
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Apr-23 |
Sep-23 |
51.29 |
90.72 |
6.46 |
443.30 |
32.34 |
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May-23 |
Oct-23 |
45.15 |
89.07 |
6.44 |
444.52 |
35.20 |
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Jun-23 |
Nov-23 |
45.15 |
84.65 |
6.43 |
436.87 |
27.05 |
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Jul-23 |
Dec-23 |
41.76 |
82.85 |
6.33 |
443.04 |
27.43 |
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Aug-23 |
Jan-24 |
41.76 |
82.54 |
5.94 |
429.18 |
31.75 |
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Sep-23 |
Feb-24 |
43.53 |
86.11 |
5.92 |
412.09 |
38.62 |
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Oct-23 |
Mar-24 |
43.53 |
87.25 |
5.57 |
383.27 |
46.53 |
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Nov-23 |
Apr-24 |
45.25 |
88.62 |
5.59 |
388.53 |
46.90 |
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Dec-23 |
May-24 |
45.25 |
93.24 |
5.67 |
383.77 |
55.72 |
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Jan-24 |
Jun-24 |
48.38 |
98.80 |
5.68 |
381.80 |
63.76 |
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