The Feb lean hog contract continues to weaken, trading 52 cents in the red so far for Wednesday. The other nearby contracts are up by triple digits through midday, with April up $1.27 so far. USDA’s National Average Base hog price was $86.35 in the AM report, compared to the 5-day rolling average of $75.14. The CME Lean Hog Index from 1/31 was another $0.99 higher to $83.14.
Pork cutout futures are also mixed, with losses of as much as 32 cents and gains of as much as $1.32 for the front months. USDA’s National Pork Carcass Cutout Value was seen $3.70 higher at $96.67. USDA’s estimate for federally inspected hog slaughter was 480k head on Tuesday. That sets the week to date kill at 955,000 head, compared to 919k last week and 964k last year.
Feb 22 Hogs are at $87.600, down $0.550,
Apr 22 Hogs are at $98.950, up $1.275
Feb 22 Pork Cutout is at $97.500, down $0.125,
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