Lean hog futures bounced back in the afternoon to close the day +$1 off the lows and 5 to 52 cents in the black. The Feb contract remains a $2.25 premium to spot December. The USDA National Average Base Hog Price for Tuesday was $96.77, back up by $7.59. The 10/20 CME Lean Hog was $94.05, up by 29 cents.
Pork cutout futures went home with a 22 cent loss in December to 7 cent gains in the other front months. The USDA Pork Cutout Value was $3.44 weaker in the PM report to $98.49. Bellies dropped by $13.89. USDA estimated FI hog slaughter for Tuesday as 490k head. That has the week to date pace as 973k head, compared to 966k head last week and 960k head during the same week last year.
Dec 22 Hogs closed at $88.450, up $0.525,
Feb 23 Hogs closed at $90.675, up $0.225
Dec 22 Pork Cutout closed at $97.525, down $0.225,
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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