Lean hog prices weakened by $0.37 to $1.22 on Thursday in the front months. The July contract was up by 25 cents and August gained 27 cents on the day. USDA’s National Average Afternoon Base Hog price was 39 cents weaker to $72.60. The 1/10 CME Lean Hog Index was $75.96, weaker by another 48 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 27.48 billion 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 2021.
Pork cutout futures settled with $0.35 to $1.62 losses across the front months. USDA’s National Pork Carcass Cutout value was $1.35 lower in the PM report to $79.33. USDA estimates the WTD hog slaughter at 1.921m head through Thursday. That compares to 1.794m head during the same week last year.
Feb 23 Hogs closed at $78.750, down $0.550,
Apr 23 Hogs closed at $87.175, down $1.225
Feb 23 Pork Cutout closed at $87.150, down $0.200,
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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