Nearby lean hog futures were 5 to 30 cents lower at the close, but the deferred contracts gained 7 to 20 cents. USDA’s National Average Base Hog price for Wednesday was $1.10 stronger to $72.27. The WCB price was up by $1.03 to $72.71. The CME Lean Hog Index for 1/23 was 2 cents weaker at $72.11.
Monthly Cold Storage data from NASS had 458.142m lbs of pork in the coolers on Dec 31. That was 1.5% above November and remains 15.6% higher yr/yr. NASS also showed 63.06m lbs of pork bellies in cold storage, compared to 54.4m lbs in November and 38.1m lbs for Dec ’21.
The board prices for pork cutout futures went home on Wednesday with 7 to 47 cent losses. USDA’s National Pork Carcass Cutout value for the Wednesday afternoon report was $79.11, down by 95 cents. USDA estimated the week’s FI hog slaughter at 1.463m head through Wednesday. That is 71k head more than last week’s pace and was 74k head higher than the same week last year.
Feb 23 Hogs closed at $76.800, down $0.300,
Apr 23 Hogs closed at $85.325, down $0.050
Feb 23 Pork Cutout closed at $84.525, down $0.475,
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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