Following the sharp decline last week, the lean hog futures market is back up by triple digits. Feb is trading 35 cents in the black, as the deferred months are up as much as $1.72. USDA’s National Average Base Hog price for the AM was 25 cents weaker at $73.87. The CME Lean Hog Index was $77.49 for 1/05, down by 77 cents.
Pork cutout futures are also mostly higher for midday, with thin OI the board is up 92 cents to $1.57. The May contract is 5 cents weaker as the outlier. USDA’s National Pork Carcass Cutout value was $85.06 in the Monday AM report after a $1.06 boost. USDA estimates the FI hog slaughter for the first week of the new year at 2.296m head. That compares to 2.552m head during the same week last year.
Feb 23 Hogs are at $80.575, up $0.300,
April 23 Hogs are at $90.675, up $1.025
Feb 23 Pork Cutout is at $89.650, up $0.925,
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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