Hog futures have rallied more than $10 since Jan 13th’s low, with $0.12 to $1.17 gains on Monday. The back months faded with July only adding a nickel to value and August closing $1.20 in the red. USDA’s National Average Afternoon Base hog price for Monday was $3 higher to $65.69. The CME Lean Hog Index from 1/19 was $76.79 after a 6 cent pullback.
USDA reported December pork stocks at a 25-yr low of 398.9m lbs in their monthly Cold Storage report. That was the lowest inventory of any month since August of 2010. Belly stocks were actually up 56% from November to 39.5m lbs.
Pork cutout futures were 2 cents to $1.07 weaker on the day. USDA’s National Pork Carcass Cutout Value for Monday was $2.37 higher to $95.66. USDA estimated FI hog slaughter for Monday at 455,000 head. That compares to 395k last week and 489k during the same Monday last year.
Feb 22 Hogs closed at $86.325, up $0.125,
Apr 22 Hogs closed at $95.325, up $0.375
Feb 22 Pork Cutout closed at $96.075, down $0.025,
/A%20concept%20image%20of%20a%20flying%20car_%20Image%20by%20Phonlamai%20Photo%20via%20Shutterstock_.jpg)
/A%20concept%20image%20of%20space_%20Image%20by%20Canities%20via%20Shutterstock_.jpg)
/Oracle%20Corp_%20office%20logo-by%20Mesut%20Dogan%20via%20iStock.jpg)