Hogs Extend Weakness into Tuesday Session

Hogs are falling into Tuesday’s midday, with contracts down $1.60 to $2.67. USDA’s National Average Base Hog price was back down $5.88 from the Monday afternoon report to an average price of $61.34 in the Tuesday morning report. The CME Lean Hog Index for 11/17 was down another 57 cents to $74.52.

The Chinese sow herd was tallied at 42.1 million head at the end of October according to ag ministry. That is a surplus compared to what is needed, with the higher production rate for sows and smaller than expected pork production in the country. 

Pork cutout futures are down $1.37. The National Pork Carcass Cutout Value was back up 73 cents in the Tuesday morning release at $86.82. USDA estimated FI hog slaughter at 486,000 for Monday, a 16,000 increase over last week, but down 2,000 head form the same Monday last year. 

Dec 23 Hogs  are at $68.450, down $1.900,

Feb 24 Hogs  are at $72.325, down $2.725

Dec 23 Pork Cutout  is at $79.900, down $1.375,

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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