Front month lean hog futures are trading $0.32 to $1 weaker so far through midday. The July contract is nearly 50 cents off its earlier session low, which was within $2 of the Feb 7th low. USDA’s National Average Base Hog price was withheld due to packer submission errors, the Tuesday afternoon quote was $77.91. The CME Lean Hog Index was 29 cents higher on 2/27 to $78.51.
China’s Ag Ministry saw their domestic sow herd at 43.67m head as of Jan 31, which was 0.5% lower than the Dec count but was up 1.8% yr/yr.
Pork cutout futures are down 72 to 82 cents at midday in the active contracts, though volume and OI remain light. USDA’s National Pork Carcass Cutout value was $85.64 this morning, up by $1.28. USDA estimated FI hog slaughter at 485,000 head for Tuesday. That had the week’s total at 967k head, compared to 961k last week and 931k during the same week last year.
April 23 Hogs are at $84.800, down $0.375,
May 23 Hogs are at $93.800, down $0.600
April 23 Pork Cutout is at $90.925, down $0.775,
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.
/Oracle%20Corp_%20logo%20on%20phone%20and%20stock%20data-by%20Rokas%20Tenys%20via%20Shutterstock.jpg)
/Green%20hydrogen%20by%20Scharfsinn%20via%20Shutterstock.jpg)
/NVIDIA%20Corp%20logo%20on%20phone%20and%20AI%20chip-by%20Below%20the%20Sky%20via%20Shutterstock.jpg)