Lean hog futures were up by triple digits in Dec and Feb, and 55 to 87 cents higher in the deferred contracts. Dec hogs were are now up by $2.62 for the week’s trade. The National Average Base Hog price fell $1.20 on Thursday to $70.70. The CME Lean Hog Index for 10/24 was $78.41, down by another 26 cents.
Weekly Export Sales data showed 28k MT of pork was booked during the week that ended 10/19. That was down 2.4k MT for the week but was up 40% from the same week last year. USDA had 27.7k MT shipped during the week, for a season total of 1.261 MMT. That remains 6% ahead of last year's pace.
Pork cutout futures also ended in the black with gains of 45 to 75 cents across the front months. USDA’s National Pork Carcass Cutout Value fell by $1.86 to $85.73. Bellies were down by $8 in the Thursday PM report. USDA estimates FI hog slaughter at 1.941m head for the week through Thursday. That is a 17k head increase from last week, but trail’s the same week last year by 10k head.
Dec 23 Hogs closed at $68.625, up $1.125,
Feb 24 Hogs closed at $71.825, up $1.125
Dec 23 Pork Cutout closed at $78.200, up $0.800,
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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