Lean hog futures are trading with gains of as much as $4.20 so far through midday. Last week’s late week pullback left the April contract $3.32 lower from Friday to Friday, while June hogs printed a new LoC high on Wednesday last week. June is trading just $1.78 under that high at midday. The National Average Base Hog price was $101.36 this morning, down by $2.35. The 3/17 CME Lean Hog Index was 59 cents higher to $101.36.
Pork cutout futures are also up by triple digits on light volume and OI for Monday. USDA’s National Pork Carcass Cutout Value was $103.23 this morning after a $1.72 drop. FI hog slaughter for the week through Saturday is estimated at 2.435m head. That is down 40k wk/wk and 89k yr/yr. YTD slaughter is now nearly a week behind last year’s pace (2.082m head) with 27.138m head slaughtered.
Apr 22 Hogs are at $101.025, up $1.625,
May 22 Hogs are at $110.350, up $3.250
Apr 22 Pork Cutout is at $106.550, up $0.550,
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