Seeing growth to the Chinese hog herd is pressuring futures 30 to 40 cents lower through Tuesday’s midday. USDA’s National Average Base Hog price was $70.33 on 1/31’s AM update, which was 8 cents higher. The WCB price was $72.51, and the ECB was quoted at $70.41. The CME Lean Hog Index was 12 cents stronger on 1/26 to $72.64.
The Chinese Ag Ministry counted the national sow herd at 43.9m head for December. That was a 0.6% increase month to month and was 1.4% above Dec ’21.
Pork cutout futures settled mixed as well on Monday, with a $1.17 gain in April and a 75 cent loss in Feb. USDA’s National Pork Carcass Cutout value for Tuesday morning was $2.84 higher to $83.12. The CME Fresh Bacon Index was $122.32 for 1/27. USDA estimated the FI hog slaughter at 491k head for Monday. That is up 3,000 head wk/wk and is 14k head above the same Monday last year.
Feb 23 Hogs is at $74.950, down $0.200,
Apr 23 Hogs is at $86.275, down $0.250
Feb 23 Pork Cutout is at $82.750, down $0.175,
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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