Midday losses of 15 to 85 cents have the Feb and April contracts at new life of contract lows. May hogs are at a new low for the move but are above their May level. Dec hogs are up by 85c at midday as the outlier. The National Average Base Hog price was delayed this morning, it was listed at $73.42 on Monday afternoon. The 10/20 CME Lean Hog Index was another 72 cents lower at $79.07.
China’s Ag Ministry reported 42.4m head for the Sep sow herd. That was unchanged through the month but was +3.4% of “normal”. The agency was also quick to point out increased pigs per litter.
Pork cutout futures are also red with follow through losses. USDA’s National Pork Carcass Cutout Value dropped $1.29 to $87.26 in the AM report. CME’s Fresh Bacon Index was $145.48, down by nearly $10 for the week. USDA had the Monday FI hog slaughter at 486k head, compared to 480k last week and 482k during the same week last year.
Dec 23 Hogs are at $66.800, up $0.625,
Feb 24 Hogs are at $69.950, down $0.250
Dec 23 Pork Cutout is at $76.275, up $0.075,
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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