Lean Hogs Futures Market News and Commentary
Dec hogs were the largest mover on Monday for the front month futures, having dropped 35 cents. The other nearby contracts were within 10 cents of UNCH on a firm close. Feb printed a $2.08 range on the day from -60c to +$1.48. USDA’s National Average Base Hog Price for Monday afternoon was 53 cents weaker to $81.69. The 12/01 CME Lean Hog Index was $82.87, down by another 37 cents.
Pork cutout futures went home on Monday firm as well, as the front months closed mixed within 7 cents of UNCH. USDA’s National Pork Carcass Cutout value for Monday afternoon was $86.46, down by $2.48 with a $9.44 drop in bellies to $93.91. Last week saw bellies below the $100 cwt. mark for the first time since December 2020. The CME Fresh Bacon Index was $130.88 for the week that ended 12/2, that was down from $145.91 the week prior. USDA estimated Monday’s FI hog slaughter at 491k head. That is down 2,000 from last week but compares to 455k head from the same week last year.
Dec 2... Read more