Lean hog futures traded firmer on Tuesday. For Feb contracts, that added to the triple digit gain going into the weekend and has prices up $4.55 from the Thursday low. USDA’s National Average Base hog price for Tuesday afternoon was $4.08 higher to $66.19. The CME Lean Hog Index from 1/14 was back up by $1.58 to $75.90.
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 closed the day 7 to 57 cents stronger. USDA’s National Pork Carcass Cutout Value was $87.21 in the PM update, which was $4.73 weaker. USDA estimated FI hog slaughter at 468k head for Tuesday. The week’s kill is at 863k head, which is down 38k head from last week and 56k lower yr/yr.
Feb 22 Hogs closed at $81.600, up $0.700,
Apr 22 Hogs closed at $89.275, up $0.825
Feb 22 Pork Cutout closed at $94.225, up $0.425,
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