Hogs Down Triple Digits on Tuesday Due to Profit Taking

Lean hog futures faded from the $4.10 rally beginning last Thursday with a triple digit loss on Turnaround Tuesday. Prices had given back $0.50 to $1.90 by the bell. Preliminary open interest dropped 1,526 contracts on profit taking. USDA’s National Average Base hog price for Tuesday was 5 cents lower at $60.98. CME’s 10/29 Lean Hog Index was another $0.73 weaker to $79.16.

Pork cutout futures closed $0.95 to $1.15 lower through Feb ’22, while April was 2 cents stronger and May ’22 was UNCH. USDA’s National Pork Carcass Cutout Value was $1.77 higher this afternoon at $94.21. CME’s Fresh Bacon Index was $212.49 on 10/29 – down by $32.74. Hog slaughter for the week through Tuesday was estimated at 95,000 head. That compares to 958k head last week and 983k head from the same week last year.  

Dec 21 Hogs  closed at $74.250, down $1.900,

Apr 22 Hogs  closed at $81.325, down $1.050

Dec 21 Pork Cutout  closed at $93.000, down $1.150,