The Dec hog contract was up only 22 cents, an outlier as expiration approaches on the 14th. The other front months rallied triple digits with Feb’s $3.85 gain moving the contract to net higher for the week to date. The USDA National Average Base Hog Price dropped 80 cents to $85.26 on Thursday. The 11/29 CME Lean Hog Index was 32 cents weaker to $83.89.
Weekly FAS Export Sales data showed pork bookings were 20k MT during the week that ended 11/24. That was down from 45k MT sold last week and was less than half of the sale during the same week last year. Mexico was the top buyer with 11.8k MT. The week’s export shipment was 29.7k MT, for a season total 1.342 MMT. That trails last year’s pace by 18%.
Pork cutout futures closed Thursday with $1.32 to $3.65 gains past the Dec contract’s 27 cent drop. USDA’s National Pork Carcass Cutout value was $86.52 in the PM update, down by 81 cents on weaker bellies and picnics. USDA estimated the FI hog slaughter for the week through Thursday at 1.966m head.
Dec 22 Hogs closed at $83.125, up $0.225,
Feb 23 Hogs closed at $89.200, up $3.850
Dec 22 Pork Cutout closed at $90.650, down $0.275,
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.
/Alphabet%20(Google)%20Image%20by%20Markus%20Mainka%20via%20Shutterstock.jpg)
/Microsoft%20Corporation%20logo%20on%20sign-by%20Jean-Luc%20Ichard%20via%20iStock.jpg)
/Closeup%20of%20EV%20being%20charged%20by%20Solarseven%20via%20iStock.jpg)