Lean Hogs Futures Market News and Commentary
February lean hog futures closed $2.62 stronger on the day. The other front months were also up by triple digits at the bell but had set new contract highs from the move. April was up $2.65, with a new LOC high of $94.47. USDA’s National Average Base hog price for Thursday morning was back down $3.72 to $66.56. The CME Lean Hog Index from 1/17 was $76.78 after another 88 cents stronger.
Pork cutout futures were also up by triple digits, having gained $0.50 to $1.82 on the day. USDA’s National Pork Carcass Cutout Value was down $3.23 in the PM update to $92.24. Federally inspected hog slaughter for the week through Thursday was estimated at 1.777m head. That is 18k head below last week and trails the same week last year by 140k head.
Feb 22 Hogs closed at $84.925, up $2.625,
Apr 22 Hogs closed at $94.000, up $2.650
Feb 22 Pork Cutout closed at $94.300, up $0.975,