Lean hogs saw new lows for the move on Thursday morning before rallying to close triple digits higher. April saw a wide $3.70 range on the day and closed at $87 for a nearly 2% gain. USDA’s National Average Base Hog price for Thursday afternoon was $1.10 higher to $72.27. The CME Lean Hog Index was up by 21 cents to $72.32 for 1/24.
USDA reported pork export sales were 44,674 MT for the week that ended 1/19. That was a 5-wk high led by Mexican and Chinese purchases. Pork commitments were then 287,458 MT as of 1/19.
Pork cutout futures closed with $0.92 to $1.15 gains on Thursday, save for the Feb contract which was 15 cents in the red. USDA’s National Pork Carcass Cutout value was $1.35 in the PM report, up by $1.35. USDA estimated the week’s FI hog slaughter at 1.954m head through Thursday. That is 128k head more than last week’s pace and is up by 81k head compared to the same week last year.
Feb 23 Hogs closed at $77.025, up $0.225,
Apr 23 Hogs closed at $87.000, up $1.675
Feb 23 Pork Cutout closed at $84.375, down $0.150,
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.
/Technology%20abstract%20by%20TU%20IS%20via%20iStock.jpg)
/Nvidia%20logo%20and%20sign%20on%20headquarters%20by%20Michael%20Vi%20via%20Shutterstock.jpg)
/Micron%20Technology%20Inc_%20logo%20on%20building-by%20vzphotos%20vis%20iStock.jpg)