Hogs traded lower on Thursday with the front months going home down by $0.92 to $1.75. The National Average Base Hog price for Thursday afternoon was $0.81 stronger to $81.44. The 12/13 CME Lean Hog Index was $81.68, another 6 cents higher.
USDA’s FAS reported 14,359 MT of pork was sold for export during the week of 12/08. Mexico was the top buyer for the week with 6.9k MT. Weekly exports were 34,000 MT through the week, mainly to Mexico. Total 2022 exports reached 1.409 MMT, which remains 17% behind last year. USDA also mentioned 7.7k MT of 2023 pork sales.
Front month pork cutout futures closed 2 cents lower in the April contract, but down by at least $1.25 in the other front months. USDA’s National Pork Carcass Cutout value for Thursday afternoon was $85.49, up by $1.22. USDA estimated the week’s FI hog slaughter at 1.95m head through Thursday. That is 2k head more than last week, and is up 101k head from the same week last year.
Feb 23 Hogs closed at $81.650, down $1.750,
Apr 23 Hogs closed at $89.175, down $1.550
Feb 23 Pork Cutout closed at $90.250, down $1.675,
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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