The hog market is gaining ground so far. The summer months are leading the way with triple digit gains, as Feb and April are up by 70-75 cents so far. USDA’s National Average Base Hog price was $3.23 higher to $75.45. The CME Lean Hog Index was $73.51 on 2/06, up by another 22 cents.
USDA’s quarterly pork production estimates showed lighter output for Q1 and Q2 of the ’23 calendar year. The full year’s output is now forecasted at 27.435b lbs, 45m lighter compared to Jan’s outlook, and still 440m lbs above last year.
Pork cutout futures are mixed at midday on thin volume and OI. USDA’s National Pork Carcass Cutout value was back up by $3.76 in the AM report to $82.32. USDA estimated Tuesday’s federally inspected hog slaughter at 479,000 head. After revising Monday 7k head lower, the week to date running total is 959,000 head. That compares to 958k last week and 948k during the same week last year.
Feb 23 Hogs are at $76.075, up $0.700,
April 23 Hogs are at $84.075, up $0.800
Feb 23 Pork Cutout is at $81.800, 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.
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