Front month lean hog futures are trading 12 to 35 cents in the black so far following the NASS data after the close and Export Sales data earlier this morning. USDA’s National Average Base Hog price for Wednesday was $53.10 after increasing $5.76. The CME Lean Hog Index was 35c stronger on 1/22 to $68.75.
The weekly Export Sales data had 24k MT of pork sales for the week that ended 1/18. That was down from 33.4k MT last week. Shipments were 28.4k MT for the week, down from 31k last week. The yearly export total reached 77.6k MT through the first 3 weeks, which is 0.2% ahead of last year’s pace.
End of December US pork stocks were 427.3 million lbs according to NASS’s Cold Storage report. That was 2.8% looser than November’s stocks, but was 6.4% tighter compared to last year. NASS counted pork belly stocks @ 56m lbs, compared to 47m in November and 63 million last year.
Front month pork cutout futures ended the day mixed with a 5c loss for Feb, but a 95c gain for May. USDA’s National Pork Carcass Cutout Value was 83c stronger to $88.86. Bellies were up $7.78 to $143.39. USDA estimated FI hog slaughter at 493k head for a weekly total of 1.455m head. That compares to 1.475m head last week.
Feb 24 Hogs are at $74.100, up $0.200,
April 24 Hogs are at $82.400, up $0.375
Feb 24 Pork Cutout is at $87.350, down $0.050,
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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