Lean hogs are off their high at midday, but the board is still up 15 to 52 cents past the Feb contract’s 7 cent drop. Lean hog prices rallied triple digits to end last week, with a $4.12 cent (5.05%) gain in Feb pushing to a net $1.77 full week advance. The National Average Base Hog price for Friday afternoon was 77 cents weaker to $80.67. The CME Lean Hog Index was 33 cents weaker on 12/15 at $81.55.
China reported 180k MT of pork was imported during November. A volume 11% lower than Nov ’21. YTD pork imports trail 2021’s pace by 56% with 1.56 MMT brought in.
Front month pork cutout futures are UNCH on light volume and OI so far for Monday. USDA’s National Pork Carcass Cutout value was 58 cents higher to $88.02 in the AM report for Monday. USDA estimated the week’s FI hog slaughter at 2.596m head through Saturday. That compares to 2.57m head last week and 2.655m head during the same week last year.
Feb 23 Hogs are at $85.625, down $0.150,
April 23 Hogs are at $93.125, up $0.400
Feb 23 Pork Cutout is at $93.675, up $3.425,
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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