Through the midday portion of Wednesday’s trade, lean hogs are down 42 to $1.22 in the front months. The summer hogs are gaining 42 to 62 cents. The National Average AM Base Hog price was reported as $104.91, with no comparison to Tuesday morning. The 3/25 CME Lean Hog Index was up by another 68 cents to $102.93.
Going into the Quarterly Hogs and Pigs report, traders expect NASS to show 73.046m head inventory as of March 1st. Barring any revisions to previous data, that would be 1.2% below last year. The breeding herd is estimated 0.1% above last year on average. The average estimate for farrowing intentions is initially a 0.3% lighter March-May, to a 0.6% increase yr/yr into June-Aug. Dec-Feb farrowings are expected to be reported 0.4% above 2020/21.
Pork futures are also mixed with 25 to 30 cent losses and 32 to 82 cent gains. USDA’s National Pork Carcass Cutout Value was 96 cents weaker in the AM report to $102.98. USDA estimated FI hog slaughter at 479k head for Tuesday. That set the week’s pace as 955,000 head for the week, compared to 947k head last week and 971k head during the same week last year.
Apr 22 Hogs are at $104.950, down $1.100,
May 22 Hogs are at $118.350, down $0.425
Apr 22 Pork Cutout is at $109.700, down $0.300,
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