Lean Hogs Feb '23 (HEG23)
Lean Hogs Futures Market News and Commentary
Lean hog futures recovered 40 cents to $1.82 across the front month contracts on Wednesday. That still leaves Feb with a net $3.15 draw down for the week to date. The USDA National Average Base Hog Price for Wednesday was $2.15 higher at $86.06. The 11/28 CME Lean Hog Index was $84.21, down by another 42 cents.
China reported their sow herd at 43.79m head as of October, which was up 0.7% yr/yr (itself a 6.6% increase from 2020), and compared to 43.48m head in September.
Pork cutout futures also recovered some ground on Wednesday, bouncing back 32 to 97 cents for the close. USDA’s pork carcass cutout value for Wednesday afternoon was $1.65 higher to $87.33. USDA’s estimate for the week’s federally inspected hog slaughter was 1.474m head through Wednesday. That is up by 56k head wk/wk and 33k head yr/yr.
Dec 22 Hogs closed at $82.900, up $1.825,
Feb 23 Hogs closed at $85.350, up $1.200
Dec 22 Pork Cutout closed at $91.050, up $1.100,
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