So far the lean hog futures market is mixed within a dime of UNCH. December is the exception with a midday loss of 85 cents. The USDA National Average Base Hog Price for Monday morning was $85.88, with no comparison due to confidentiality. Friday’s PM quote was $88.89. The 10/20 CME Lean Hog was $94.05, up by 29 cents.
China’s Customs data had Sep pork imports at 150k MT. That was down 26.5% compared to Sep ’21. Their YTD pork import was 61.2% lighter at 1.94 MMT.
Front month pork cutout futures went into the weekend $0.67 to $1.12 higher. The USDA Pork Cutout Value was $0.72 stronger in the AM report to $101.66. USDA estimated the FI hog slaughter at 2.571m head for the week through Saturday. That is up 26k head from last week, but 35k head below the same week last year. YTD slaughter trails last season by 3%.
Dec 22 Hogs are at $88.275, down $0.850,
Feb 23 Hogs are at $90.550, up $0.025
Dec 22 Pork Cutout is at $97.550, down $0.450,
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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