Front month lean hog futures are trading 15 to 80 cents weaker in the spring contracts, though 27 to 40 cents higher in the summer months. The April/June spread is now $13.40. The July contract +$100 for the first time since Feb 2023. USDA’s National Average Base Hog price was $1.50 weaker to $70.09. The 02/21 CME Lean Hog Index increased by 81 cents to $78.78.
China’s Ministry of Ag reported 40.67 million head of sows in inventory closing out January. That was a 1.8% decline from the Dec herd, and 7% below Jan ’23.
The AM Pork Carcass Cutout Value was back up by $2.32 for Monday, driven by a $18.99 recovery in bellies, to $93.48. USDA reported the week’s pork output at 558.9m lbs, which compares to 556m last week and 510.2m during the same week last year. Slaughter was up 0.7% for the week and 9.2% vs the same week last year with 2.361m head harvested.
April 24 Hogs are at $86.575, down $0.625,
May 24 Hogs are at $90.775, down $0.075
April 24 Pork Cutout is at $93.300, up $0.075,
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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