Hog Futures Closed Mid-Range after Red Thursday
Hogs spent the whole day working in the red on Thursday, ignoring nearby February. At the close futures were off their daily lows but still down by 52 to 75 cents. Feb futures were 7 cents weaker on the day. USDA’s National Average Base Hog price was $1.31 weaker in the PM update to $65.06. The CME Lean Hog Index was $74.02 on 2/6, up by another 16 cents.
The FAS Export Sales data had pork bookings at 39.2k MT for the week that ended 2/1. That was a decrease from 43k MT the week prior, but was still 36% above the same week last year. Pork shipments from the week were 41.8k MT, for a yearly total of 149.5k MT. That compares to 143.4k MT last year at this time.
Updated WASDE data from WAOB showed US pork production estimated at 27.88 million lbs for 2024, a 90 mil lb reduction from the January report. Quarter 2 remained, steady, but all others were cut.
USDA’s National Pork Carcass Cutout Value increased by $2.37 to $86.36 on Thursday afternoon. FI hog slaughter was up to 1.957 million head for the week through Thursday. That is 2k more than last week and compares to 1.92m head during the same week last year.
Feb 24 Hogs closed at $73.300, down $0.075,
Apr 24 Hogs closed at $80.350, down $0.750
Feb 24 Pork Cutout closed at $83.800, down $0.125,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
