Front month lean hog futures are 10 to 50 cents higher so far. The deferred August contract is down by a nickel at midday. USDA’s National Average Morning Base hog price for Monday was withheld for confidentiality reasons. Friday afternoon’s quote was $63.84. The CME Lean Hog Index from 1/12 was 46 cents weaker at $74.60.
China’s State Statistics Bureau reported 52.96 MMT of pork was produced in 2021, up 29% from 2020. They had the national hog herd at 449m head, which was 10.5% higher on a 4% rise in breeding sows. China reported December pork imports at 170k MT, which was 62% below December 2020. Their official ’21 pork total was 3.71 MMT which was 15% under 2020.
Pork cutout futures are mixed with May $2.32 higher and the other nearbys within 10 cents of UNCH. USDA’s National Pork Carcass Cutout Value was up $1.79 on Tuesday morning. USDA estimated FI hog slaughter at 2.4070m head for the week through Saturday. That trails last week by 161k head and last year by 237k head. YTD slaughter is trailing 2021’s pace by 825k head.
Feb 22 Hogs are at $80.825, down $0.075,
Apr 22 Hogs are at $88.725, up $0.275
Feb 22 Pork Cutout is at $93.750, down $0.050,
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