Hog futures closed with triple digit gains of $1 to $1.47 in the front months. USDA’s National Average Afternoon Base hog price for Wednesday was $66.07 after a 92 cent drop. The CME Lean Hog Index from 1/10 was $75.13, up by 43 cents.
USDA’s monthly forecasted pork production was reduced in the Jan update. They trimmed Q4 of 21 40m lbs for a 27.693b lbs full year total. Looking ahead, USDA raised Q1 for ’22 by 25 and Q2 by 55m lbs, but quarters 3 and 4 were 60 and 100m lbs lower. USDA projects 2022 pork production to reach 27.515 billion lbs.
Pork cutout futures closed the midweek session $0.75 to $2 higher. USDA’s National Pork Carcass Cutout Value was $2.84 higher in their PM quote at $84.46. Bellies were $9.80 higher and hams were $9.40 cwt. stronger. Federally inspected hog slaughter was estimated at 1.334m head for the week through Wednesday. That is 54k head below last year and 158k head below the same week last year.
Feb 22 Hogs closed at $78.850, up $1.000,
Apr 22 Hogs closed at $85.400, up $1.200
Feb 22 Pork Cutout closed at $91.000, up $0.975,
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