
Week-to-date prices show lean hog futures down from $4.35 to $2.70 across the front months after follow through selling left Tuesday near the day’s low and another 25 to 75 cents in the red. December hog futures were the outlier with a 47 cent gain at the bell. The USDA National Average Base Hog Price was delayed due to packer submission errors, it was 31 cents higher to $82.04 in the AM report. The CME Lean Hog Index was $85.56, down another 61 cents, on 11/23.
Pork cutout futures settled with Tuesday losses of 15 to 42 cents in the front months. Open interest remains thin, with preliminary OI at 589 for Dec and 66 for Feb. USDA quoted the PM pork carcass cutout value as $85.68, down by $3.84 on weaker hams. USDA estimated Tuesday’s FI hog slaughter at 494,000 head, for a weekly running total of 987k. That is 7k head more wk/wk and is up from 962k during the same week last year.
Dec 22 Hogs closed at $81.075, up $0.475,
Feb 23 Hogs closed at $84.150, down $0.600
Dec 22 Pork Cutout closed at $89.950, down $0.150,
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.