Lean Hogs Futures Market News and Commentary
Hogs recovered after the Thanksgiving week’s losses, closing Tuesday 1.2% to 3.2% in the black. Feb futures were $2.10 higher. USDA’s National Average Base Hog price was down another $0.42 to $58.43 for Tuesday’s PM quote. The CME Lean Hog Index dropped by $1.27 to $72.33 on 11/24.
Chinese Dalian Live Hog Prices dove almost 6% on Monday, with producers heeding a government call to reduce herd size in the face of poor profitability.
The National Pork Carcass Cutout Value fell $3.95 in the Tuesday PM quote as bellies dropped $16.11. The CME Fresh Bacon Index was listed at $131.44 for the week of 11/24, down from $135.61. USDA estimated FI hog slaughter for Tuesday at 484,000 head. After revising Monday lower, the week to date total is 960k head. That compares to 972k last week and 976k during the same week last year.
Dec 23 Hogs closed at $68.925, up $1.050,
Feb 24 Hogs closed at $69.025, up $2.100
Dec 23 Pork Cutout closed at $80.975, up $1... Read more