Lean hog futures printed triple digit gains to start the week, but futures ended the day more than $1 off their session highs. April futures saw a $2.78 gain at the day’s high. The National Average Base Hog price for Monday was 74 cents weaker to $75.84. The CME Lean Hog Index was down by 40 cents to $76.99 for 3/23.
Trader estimates ahead of Thursday’s quarterly Hogs and Pigs report expect the herd was around 72.834m head on March 1st. That would be 0.2% larger than last year, with the full range of estimates fom -1.4% to +1%. The breeding herd is estimated 0.5% higher on average, and Dec-Feb farrowings are figured 1.2% higher on average. Farrowing intentions for Mar-May average 0.8% above last year ahead of the report.
Pork cutout futures settled the Monday session with $1.10 to $1.55 gains. USDA’s Pork Carcass Cutout value for Monday afternoon was 17 cents higher to $81.22. Bellies were quoted at $89.07. The CME Fresh Bacon Index was $117.06 for the week of 3/24. USDA estimated Monday’s FI hog slaughter at 486,000 head from 459k last week and 478k during the same week last year.
Apr 23 Hogs closed at $78.625, up $1.450,
May 23 Hogs closed at $86.725, up $1.050
Apr 23 Pork Cutout closed at $84.200, up $1.100,
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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