Lean Hogs Futures Market News and Commentary
Lean hog futures recovered from triple digit losses, but still finished 60 cents lower. The 11/15 CME Lean Hog Index was lower by $0.27, at $59.24. USDA’s pork carcass cutout value came back down by $4.47 the afternoon, to $84.67, after being up by 30.141% (29.545% over 11/19 last year) over the same time last year. The ham cuts reached the highest they’d ever been for a November 18th, but gave back $11.81 yesterday afternoon, posted at $83.72. The belly also dropped big, down by $10.54 in the afternoon. USDA’s national average base hog price for 11/19 was 17 cents higher to $42.31. The USDA estimated FI hog slaughter to be a daily record of 494,000 head for Tuesday, following Monday’s near record daily slaughter. The week is on pace to be a record setting weekly slaughter, currently at 987,000 head through Tuesday.
--provided by Brugler Marketing & Management