Lean Hogs Futures Market News and Commentary
The front month lean hog futures fell $0.17 to $1.37 lower across the front months. That limited the weekly move to a net $1.32 gain for Feb hogs. Feb hogs rounded out the month of Nov with a $3.40 loss for the month after an incredibly wide trading range from $65.80-$77.77. The National Average Base Hog price for Thursday was $58.60, up by 54 cents. The CME Lean Hog Index was steady at $71.35 for 11/29.
The National Pork Carcass Cutout Value for Friday afternoon was 28 cents weaker, on mixed to mostly higher primals, to $83.55. USDA reported the week’s pork production was 577.7 million lbs on a 2.704m head harvest. That was up 3% (and 4.7%) from last year, as the YTD total exceeds last year by 0.4% on production and 1.6% on slaughter.
Dec 23 Hogs are at $68.850, up $0.075,
Feb 24 Hogs are at $70.275, down $1.200
Dec 23 Pork Cutout is at $81.750, up $1.000,On the date of publication, Alan Brugler did not have (either directly or indirectly) positi... Read more