Front month lean hog futures are trading 22 cents weaker to a $1.37 drop for the April contract. USDA’s National Average Base Hog price for 1/12 was 39 cents higher to $72.38. The 1/09 CME Lean Hog Index was $76.44, down by another 35 cents.
USDA cut their outlook for 2022 pork output by 65m lbs via a trim to the Q4. The full year was set at 26.996b lbs. For 2023, USDA raised all 4 quarters led by a 70m lb boost to Q2. The full year is now estimated at 27.48b lbs of production, a 135m boost from the Dec outlook.
USDA’s weekly pork bookings were 13,066 MT after rolling the unshipped ‘22 bookings. The Weekly data suggests 2022 total exports were 1.502 MMT, down 16% from last year’s total.
Pork cutout futures are also in the red for the months actively trading. USDA’s National Pork Carcass Cutout value for Thursday morning was 25 cents weaker to $81.48. was $1.05 lower to $80.68. USDA estimates the WTD hog slaughter at 1.433m head through Wednesday. That’s up 102k head from the same week last year.
Feb 23 Hogs are at $78.675, down $0.625,
April 23 Hogs are at $86.950, down $1.450
Feb 23 Pork Cutout is at $85.750, down $1.600,
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. For more information please view the Barchart Disclosure Policy here.
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