Lean hog futures were $0.95 to $1.55 weaker on Thursday, but for the February contract that was still 92 cents off the intra-day low. At $81.60, Feb saw the lowest print since 12/15. Preliminary open interest shows long liquidation on Thursday, dropping 3,766 contracts. USDA’s National Average Base Hog price for Thursday afternoon was $74.39, up by 92 cents. The CME Lean Hog Index was $79.06 on 1/3, down by 39 cents.
Converted Census data had 578m lbs of pork exports for the month of November. That was down 0.4% from October but was 7% above Nov ’21.
Pork cutout futures settled the day 2 cents higher in the Feb contract, but $0.87 to $1.40 weaker in the other front months. USDA’s National Pork Carcass Cutout value was $1.51 lower in the PM report to $84.32. The USDA estimate for FI hog slaughter was 1.423m head for the week through Thursday.
Feb 23 Hogs closed at $82.525, down $1.550,
Apr 23 Hogs closed at $91.525, down $1.375
Feb 23 Pork Cutout closed at $90.525, up $0.025,
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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