Triple digit gains on Tuesday pushed the lean hog futures market to new contract highs yet again. February ended $2.62 higher, but was still a $13.47 discount to April at the settle. The other front months also gained triple digits and remain above the $100 mark. USDA’s National Average Base hog price for Tuesday was back up by $7.99 to $82.51. The CME Lean Hog Index from 2/4 was $85.87, up by another $1.57.
Monthly Census data converted for a 531.6m lb December pork export total. That was 8.4% less than Nov ’21’s pork exports and down 16.5% yr/yr. The full year’s pork export tally is 7.03 billion lbs, which while behind last year’s 7.28 billion was the second largest program on record.
Pork cutout futures rallied $1.40 to $1.60 on Tuesday. USDA’s National Pork Carcass Cutout Value for Tuesday was $97.29 after a 90 cent dip. USDA estimates FI hog slaughter at 472,000 head for Tuesday. That set the week’s pace at 953k, compared to 978k during the same week last year.
Feb 22 Hogs closed at $90.325, up $2.625,
Apr 22 Hogs closed at $103.800, up $2.525
Feb 22 Pork Cutout closed at $99.450, up $1.600,
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