Lean hogs stayed in the black for the week, but saw Friday losses of 17 to 55 cents. From Friday to Friday April hogs were up by 75 cents. USDA’s National Average Base Hog price was 15 cents stronger to $77.68. The CME Lean Hog Index for 2/22 was 20 cents stronger at $77.73.
USDA’s weekly Export Sales report had pork bookings at 51,916 MT for the week that ended 2/16. That was a high for the year and the most since the week of 12/15. Mexico was the top buyer for the week with nearly half of the total. The week’s pork export was 29,227 MT for an accumulated total of 203,151.
USDA’s Cold Storage report had 517.727m lbs of pork in the coolers on Jan 31. That was a 13.4% increase from last year, but is still 17% tighter than pre-COVID levels. Pork belly stocks were huge at 70.134m lbs, 11.3% above December stocks and 57% more than January 2022. Eat more bacon!
Pork cutout futures went into the weekend with Friday losses of 35 to 45 cents. USDA’s National Pork Carcass Cutout value was $85.35, down by 68 cents. USDA estimated FI hog slaughter for the week through Saturday at 2.375m head. That is down from 2.505 million last 2.492m head during the same week last year. The YTD total of 20.068m head is 1.3% ahead of last year’s pace.
Apr 23 Hogs closed at $86.025, down $0.175,
May 23 Hogs closed at $95.350, down $0.600
Apr 23 Pork Cutout closed at $92.825, down $0.350,
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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