Lean hogs are fading yesterday’s triple digit gain, with losses of 42 to 80 cents in the front months. April is up by 7 cents as the outlier ahead of tomorrow’s expiration. The National Average Base Hog price for Wednesday morning was $96.47 with no comparison to yesterday. CME’s Lean Hog Index for April 8 was another 43 cents lower to $99.63.
Pork cutout futures are mixed with a 67 cent gain for April but 75 to 97 cent losses in the other nearbys. USDA’s National Pork Carcass Cutout Value for Wednesday morning was $5.28 higher to $112.08 – mostly riding on strength in the bellies. USDA estimated FI hog slaughter as 473,000 head on Tuesday. For the week, the 948k head is down from 957k last week and 967k during the same week last year.
Apr 22 Hogs are at $99.575, down $0.050,
May 22 Hogs are at $111.500, down $0.750
Apr 22 Pork Cutout is at $106.150, up $0.575,
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