Following the sharp +$4 run up in Dec hogs to start the week, Tuesday’s action pulled the board back down by $1.47. The other front months were mixed with 15 to 55 cent losses nearby and 2 to 15 cent gains in the deferred contracts. The USDA National Average Afternoon Base Hog Price was $87.22 on 11/8, up by $2.45. The CME Lean Hog Index was down another 57 cents to $90.88 on 11/4.
Pork cutout futures settled the session mixed within 70 cents of UNCH. The USDA Pork Cutout Value was $1.92 weaker in the PM report to $95.03. The 11/4 CME Fresh Bacon Index was $175.18 after a $5.53 drop. USDA estimated FI hog slaughter at 985k head for the week through Tuesday. That is up 17k head wk/wk.
Dec 22 Hogs closed at $85.575, down $1.475,
Feb 23 Hogs closed at $88.500, down $0.550
Dec 22 Pork Cutout closed at $95.975, 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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