Dec hogs are up by a nickel so far through Wednesday, as the other front months are down by 10 to 75 cents. The USDA National Average Base Hog Price for Wednesday morning was 31 cents higher to $82.06. 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 are mostly UNCH on thin volume and OI, though the Dec contract is 90 cents in the red. The USDA’s Pork Carcass Cutout was $1.72 higher in the AM report to $93.71. 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 are at $84.475, up $0.225,
Feb 23 Hogs are at $89.525, down $0.550
Dec 22 Pork Cutout is at $93.700, down $0.900,
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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