Lean hog prices are up by as much as $2 across the front months for Monday’s midday. June hogs had traded the month of March from -$1.58 to +$3.27. USDA’s National Average Base Hog price was $81.32 in the AM report with no comparison to Friday.
The quarterly NASS report had March 1 hog inventory at 74.751 million head. The Dec-Feb pig crop was 33.15m head. Farrowing intentions for March-May were 2.915 million head, or 0.88% below last year vs the 2.3% drop expected.
USDA’s morning National Pork Carcass Cutout Value shot up by $5.77 on a belly rally to $99.43. The bellies were up by over $30 cwt. in the AM report to $143.09. USDA estimated FI hog slaughter at 1.946 million head for the week through Thursday. That compares to 1.952 million last week, and to 1.921 million during the same week last year.
April 24 Hogs are at $87.450, up $0.825,
May 24 Hogs are at $94.200, up $1.700
Jun 24 Hogs are at $103.825, up $2.375,
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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