Hogs and Pigs Data to be Released After the Close

The Wednesday lean hog futures market ended with 1.25% to 2.05% losses, expecting USDA to show herd expansion in the H&P report. That set the market back to net red for the week. The National Average Afternoon Base Hog price was 13 cents lower to $75.51. The 3/27 CME Lean Hog Index was down another 32 cents to $76.25. 

Trader estimates ahead of this afternoon’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 from -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 ideas for Mar-May average 0.8% above last year ahead of the report. 

Pork cutout futures were 0.88% to 1.98% lower at the close for Wednesday. USDA’s Pork Carcass Cutout value was 26 cents higher to $80.26 in the PM report. USDA estimated the week’s FI hog slaughter at 1.443m head through Wednesday. That is up 21,000 head from last week and 1,000 from the same week last year. 

Apr 23 Hogs  closed at $76.775, down $0.975,

May 23 Hogs  closed at $84.425, down $1.575

Apr 23 Pork Cutout  closed at $81.850, down $0.725,