Lean Hogs Futures Market News and Commentary
Lean hog futures ended the Tuesday session mostly lower, except for the May contract which was up by 40 cents. The other front months were down by 10 to 30 cents at the bell. USDA’s National Average Base Hog price was $70.85 on Tuesday’s PM update, which was 77 cents higher. The CME Lean Hog Index was another 7 cents stronger on 1/27 to $72.71.
The Chinese Ag Ministry counted the national sow herd at 43.9m head for December. That was a 0.6% increase month to month and was 1.4% above Dec ’21.
Pork cutout futures settled mixed within 20 cents of UNCH. USDA’s National Pork Carcass Cutout value for Tuesday afternoon was 3 cents lower to $80.25. USDA estimated the FI hog slaughter at 483,000 head for Tuesday, with Monday revised 16,000 head lower and taking the WTD total to 958,000 head. That is down 15,000 head wk/wk but is 3,000 head above the same week last year.
Feb 23 Hogs closed at $74.875, down $0.275,
Apr 23 Hogs closed at $86.425, down $0.100
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