With the exception of a 42 cent gain for the April contract, lean hogs extended the downside by $0.15 to $1.20 on Friday. April managed to limit the week’s loss to $7.57, but still got to within $2.58 of the contract low. USDA’s National Average Base Hog price was 37 cents weaker in Friday’s PM report at $78.83. The CME Lean Hog Index for 3/15 was 2 cents higher to $79.95.
April pork futures also firmed up for the weekend, printing a Friday gain of $0.35. The other nearby pork cutout futures ended $0.72 to $3.80 in the red. The nearby pork cutout futures are trading $1.05 to $3.80 in the red. USDA’s National Pork Carcass Cutout value was $3.54 weaker in the Friday PM report to $80.95. USDA estimated The week’s FI hog slaughter at 2.492 million head through Saturday. That is 5k head lighter than last week, but is up 67k head from the same week last year. YTD slaughter remains 1.6% ahead of last year’s pace with 27.55m head harvested.
Apr 23 Hogs closed at $79.875, up $0.425,
May 23 Hogs closed at $86.775, down $1.200
Apr 23 Pork Cutout closed at $86.875, up $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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