Lean hog futures are extending the bounce another triple digits through Tuesday’s midday. Futures are up $1.37 to $1.75 on the board, and December is now just $2.67 under the 9/20 high. The National Average Base Hog price from the PM report was $1.56 weaker to $86.24. The CME Lean Hog Index was 42 cents stronger on 10/13 to $93.09.
The pork cutout futures are also rallying, though on lighter volume and OI gains are limited to 47 cents in the May ’23 contract and 87 cents in the Dec. The Pork Cutout Value was $103.50 in USDA’s PM update, up by $1.64. Bellies were up $11.81 to $146.40. The CME Fresh Bacon Index was $178.09 for the week that ended 10/14, up from $159.02 the week prior. The USDA estimated FI hog slaughter at 491k head for Monday, up from 488k head last week and 473k head from the same week last year.
Dec 22 Hogs are at $86.200, up $1.250,
Feb 23 Hogs are at $87.575, up $1.600
Dec 22 Pork Cutout is at $96.100, up $0.875,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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