The midweek hog market saw triple digit gains with Feb up by $4.15. The other front months were also $1.20 to $3.10 higher at the close. USDA’s National Average Base Hog price for Wednesday afternoon was 40 cents lower to $79.52. The CME Lean Hog Index from 12/19 was $80.86 after a 2 cent increase.
Going into NASS’s Hogs and Pigs report, analysts surveyed expect the Dec 1 inventory will be 1.5% lighter than Dec 1 ’21. That implies 73.329m head. The full range of estimates is for between 98.3% and 98.8% of last year. The breeding inventory is expected to be 0.2% lighter with market hogs 1.6% lower yr/yr.
Pork cutout futures also gained triple digits on the day with a $3.42 gain for Feb. USDA’s National Pork Carcass Cutout value was $1.01 lower to $82.45. USDA estimated the FI hog slaughter as 1.428m head for the week through Wednesday. That is down 33k head from last week’s pace, but is up 3k head from the same week last year.
Feb 23 Hogs are at $88.400, up $4.150,
April 23 Hogs are at $95.275, up $3.100
Feb 23 Pork Cutout is at $95.775, 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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