
Hogs were 40c to 70c stronger across the front months, leaving the Feb contract at a 55 cent loss for the week. The National Average Base Hog price for Friday afternoon was 20 cents weaker to $47.76. The CME Lean Hog Index was $66.69 for 12/20, a 6 cent weaker quote.
The quarterly Hogs and Pigs data from NASS showed 74.971 million head for the herd as of Dec 1. That was even with last year and less than trade estimates for a 0.5% increase. Farrowing intentions were shown at Trader estimates for the Hogs and Pigs report due this afternoon range from a 1.2% drop to a 0.4% increase in the hog herd from Dec 1 to Dec 1. The average trade guess is to see a 0.5% lighter inventory of 74.475m head. Analysts estimate the Sep-Nov pig crop to be down 1.7% from last year.
USDA on Friday indicated 416.09 million lbs of pork in Cold Storage on November 30. That was down 4.98% from the end of October and 7.86% lower vs. last year, but now back above 2021.
The National Pork Carcass Cutout Value was 86 cents stronger to $82.21 for Friday afternoon. was $81.35 after a penny weaker quote. USDA reported the week’s pork production at 524.4 million pounds. That is a 9.2% lighter volume from last week, though is 37% more than the same week last year. Slaughter was shown at 2.426 million head compared to 2.682m last week and the same time last year.
Feb 24 Hogs closed at $71.350, up $0.700,
Apr 24 Hogs closed at $77.575, up $0.625
Feb 24 Pork Cutout closed at $81.725, up $0.000,
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.