Hogs Fade for Close

After trading with triple digit gains through midday, lean hog futures ended the wide ranged Thursday with 32 to 90 cent losses. The April contract traded within a $2.98 range during Thursday – which included setting a new life of contract high. USDA’s National Average Base hog price for Thursday afternoon was $87.49, up by another $1.13. The CME Lean Hog Index from 2/1 was another $0.15 higher to $83.29.    

Export Sales data showed pork bookings were 30,421 MT for the week that ended 1/27. That was down 38% from the week prior and was 35% below the same week last year. Pork shipments were seen at 32,431 MT for the week, which brough the YTD total to 114,650 MT. That trails last year’s pace by 23% through the first 4 weeks. 

Pork cutout futures closed 30 to 62 cents in the red through May ’22. The June contract was 92 cents in the black going home. USDA’s National Pork Carcass Cutout Value was up by 77 cents in the PM report to $97.21. USDA estimates FI hog slaughter for the week through Thursday at 1.811m head. That is down 58k head from last week’s pace and trails the same week last year by 110,000 head. 

Feb 22 Hogs  closed at $86.450, down $0.900,

Apr 22 Hogs  closed at $98.375, down $0.750

Feb 22 Pork Cutout  closed at $96.050, down $0.625,