Lean Hogs Futures Market News and Commentary
Midday lean hog futures are $0.77 to $1.22 in the red. USDA’s National Average Base hog price for Tuesday morning was another 39 cents weaker to $63.25. CME’s 10/22 Lean Hog Index $82.98, down by another 72 cents.
Dalian Live Hog Prices gapped higher on Monday, to extend their recovery. Hog futures on the Dalian began trading in January at 25k yuan. Prices descended all the way until bottoming at 11,415 yuan on 9/30. Monday’s close had prices back to 15,210 yuan/MT (~ $1.081/lb).
Pork cutout futures are mixed for midday, though the December contract has an 82 cent drop. USDA’s National Pork Carcass Cutout Value for this morning was $95.37, following bump of 79 cents. USDA estimated Monday’s FI hog slaughter at 478k head. That compares to 487k head last year.
Dec 21 Hogs are at $72.925, down $1.275,
Apr 22 Hogs are at $79.650, down $1.025
Dec 21 Pork Cutout is at $91.050, down $0.825,