Lean Hogs Futures Market News and Commentary
The April lean hog contract saw a $2.80 range from -$1.78 to +$1.02, before closing firm at a 55 cent gain. The other front month futures ended 10 to 40 cents higher on Tuesday. USDA’s National Average Base Hog price for Tuesday afternoon was $74.07, up by $1.73. The CME Lean Hog Index was $73.29 on 2/03, up by another 24 cents.
Converted Census data had December pork exports at 561.3m lbs. That finished the year at 6.338 billion lbs. That was the 3rd highest on record, following ’20 and ’21’s +7b lb export programs.
Pork cutout futures went home in the red by 15 to 52 cents. USDA’s National Pork Carcass Cutout value was $3.06 weaker in the PM update, quoted at $78.56. USDA estimated Tuesday’s federally inspected hog slaughter at 479,000 head. After revising Monday 7k head lower, the week to date running total is 959,000 head. That compares to 958k last week and 948k during the same week last year.
Feb 23 Hogs closed at $75.375, up $0.325,
Apr 23 Hogs c... Read more