Piglets napping
Lean hogs are up by more than 3% across the front month contracts. The Feb-April spread is widening with April up by $2.82 for midday. USDA’s National Average Base Hog price was shown at $47.41 this morning, up by $1.18. The CME Lean Hog Index for 1/18 was listed at $68.06, up by another 19 cents.
China’s National Bureau of Statistics had 2023 pork production at 57.94 MMT, up 4.6% yr/yr.
USDA’s National Pork Carcass Cutout Value fell 42 cents in the AM report to $89.75. USDA estimated FI hog slaughter at 492k head for Monday. That compares to 378k head last week and 493.7k head during the same week last year.
Feb 24 Hogs are at $73.150, up $2.225,
April 24 Hogs are at $80.550, up $2.925
Feb 24 Pork Cutout is at $86.875, up $1.275,
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.
