After a three-day holiday weekend to digest the quarterly NASS Hogs & Pigs data, Feb hogs started the week with a $3.65 gain and closed near the day’s highs. The other front months also rallied, but gains were limited to 27 cents out past April. USDA’s National Average Base Hog price was $77.80, with no comparison to Friday due to confidentiality. The 12/22 CME Lean Hog Index was 93 cents weaker to $78.74.
Pork cutout futures went home 25 cents to $2.60 higher on Tuesday. USDA reported the Tuesday Pork Carcass Cutout value at $90.92 after a $1.14 drop. Federally inspected hog slaughter was 509k head through Tuesday, as Monday was light in recognition of the holiday.
Feb 23 Hogs closed at $91.475, up $3.650,
Apr 23 Hogs closed at $96.450, up $1.075
Feb 23 Pork Cutout closed at $97.475, up $2.600,
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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