Hogs were ~10 cents off their daily lows for 7 to 32 cent losses in the nearby contracts. Futures were initially higher for the Tuesday session, having traded up by as much $1.05 for the session highs. April finished the day as the outlier with a 42 cent gain. USDA’s National Average Base Hog price was $80.63 after a 54 cent drop. The CME Lean Hog Index was $83.48 after an 11 cent drop.
NASS reported February pork stocks were 456.5 million lbs. That compared to 463.3 million in Jan and was the tightest February stockpile since 1997. The Cold Storage report put belly stocks at 63.8 million lbs for Feb.
USDA’s National Pork Carcass Cutout Value dropped by 41 cents to $95.33. USDA estimated the week’s FI hog slaughter at 974k head for the week which compares to 972k last week and 965k for the same week last year.
Apr 24 Hogs closed at $85.575, up $0.425,
May 24 Hogs closed at $91.750, down $0.175
Apr 24 Pork Cutout closed at $93.950, 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.
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