After the mixed Thursday session, lean hogs are trading $0.87 to $1.22 in the black for Friday. USDA’s National Average Base Hog price was $3.15 weaker on Friday morning to $65.94. The CME Lean Hog Index was 42 cents higher at $76.69 for 11/07.
USDA reduced their projection for quarterly pork production yesterday. Q423 was 94m lbs lower, Q1 of ’24 came down 50m, followed by a -45, -35, and -35m lbs for the next three quarters. 2023’s total output is estimates at 27.217 billion lbs, with 27.730 billion as the ’24 projected total.
USDA’s National Pork Carcass Cutout Value for Friday morning was $4.08 stronger to $91.02. That was helped by a $15.58 increase in the picnics. USDA estimated FI hog slaughter at 1.9333m head for the week through Thursday. That is up 2k from last week, but trails the 1.954m head during the same week last year.
Dec 23 Hogs are at $72.650, up $1.200,
Feb 24 Hogs are at $76.275, up $1.075
Dec 23 Pork Cutout is at $81.350, up $0.375,
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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