Hogs are down again so far for Friday and trading near their lowest mark since 12/16. The April contract has traded red for each of the last 6 sessions following the LoC high on 12/27. USDA’s National Average Base Hog price was 35 cents lower on Friday morning to $74.12. The CME Lean Hog Index for 1/04 was $78.26 after another 80 cent drop.
Weekly FAS data had pork export sale cancelations from the week that ended 12/29 as 51.9k MT for 2022 business. Sales for 2023 were 73,649 MT. Mexico was the top buyer with 31k MT. Pork shipments for the 2022 CY totaled 1.493 MMT through 12/29 according to the weekly release.
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 are 35 cents to $1.77 in the red. USDA’s National Pork Carcass Cutout value for Friday morning was $1.59 higher to $85.91. Bellies were quoted $13.43 higher to $102.35 in the AM report. The USDA estimate for FI hog slaughter was 1.423m head for the week through Thursday.
Feb 23 Hogs closed at $80.650, down $1.875,
Apr 23 Hogs closed at $90.225, down $1.300
Feb 23 Pork Cutout closed at $89.000, down $1.525,
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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