Lean hog prices are trading 2 to 92 cents higher led again by the April. The April is still $7.95 inverse to the May. USDA’s National Average Base Hog price was up $1.13 higher to $78.49. The CME Lean Hog Index was $79.09, up by 18 cents for 3/6.
USDA raised 2023 pork production by 25m lbs to 27.410 billion. Q1 was upped 10 and Q2 was 15m lbs higher.
Converted Census data had 555.7m lbs of pork exports for January, that was 8.9% above Jan ’22.
Pork cutout futures are also higher, though volume and OI remain thin. USDA’s National Pork Carcass Cutout value was $1.49 stronger on Wednesday morning to $88.51. Tuesday’s FI hog slaughter was estimated at 485k head. That had the week to date total as 946k, matching the same week last year but trailing last week’s pace by 21k head.
April 23 Hogs are at $85.725, up $0.925,
May 23 Hogs are at $93.675, up $0.725
April 23 Pork Cutout is at $92.200, up $0.825,
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.
/Alphabet%20Inc_%20and%20Google%20logos%20by%20IgorGolovinov%20via%20Shutterstock.jpg)
/Unitedhealth%20Group%20Inc%20HQ%20photo-by%20jetcityimage%20via%20iStock.jpg)