Lean hog futures ended 45 cents higher in the Dec contract and 37 cents weaker in July ’23. The other nearbys stayed within 22 cents of UNCH for a mixed close. The USDA National Average Afternoon Base Hog Price was $85.30 for Tuesday after a $3.14 increase. The CME Lean Hog Index for 11/18 was $86.97, down by 80 cents but still premium to the futures.
NASS released Cold Storage data for pork stocks at 511.056m lbs in October. That was down 4.8% for the month, but was still 15.5% above October 2021. For bellies specifically, the monthly update showed 40.196m lbs in storage, which was up 10% seasonally from September, and remains well above the 10-yr low 11.6m lbs in 2021.
Pork cutout futures also closed mixed, but were mostly higher in the front months with a 30 cent gain in Feb and just a 2 cent drop for May ’23. The USDA’s Pork Carcass Cutout was 69 cents lower in the PM update at $91.30. USDA estimated Tuesday’s FI hog slaughter at 492k head, for a week to date total of 980k. That is even with last week’s pace.
Dec 22 Hogs closed at $84.250, up $0.450,
Feb 23 Hogs closed at $90.075, down $0.075
Dec 22 Pork Cutout closed at $94.600, up $0.250,
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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