Hogs Fading through Midday
Front month lean hog futures are down by 15 to 50 cents so far on Tuesday. USDA’s National Average Base Hog price was 61 cents higher on Tuesday morning at $70.70. The CME Lean Hog Index was $79.10 on 2/22, up by another 23 cents.
Monthly Cold Storage data from NASS counted 468m lbs of pork in the coolers on January 31. That was up from 427.4m lbs for December but was 9.9% tighter vs Jan ’23. Pork bellies were marked at 64m lbs for Jan, down from the 70 million lb supply last year.
The Pork Carcass Cutout Value was $1.85 stronger to $92.84. USDA estimated the Monday FI hog slaughter at 492k head. That is up from 490k head last week and compared to 483.5k during the same Monday last year.
April 24 Hogs are at $85.975, down $0.300,
May 24 Hogs are at $90.250, down $0.500
April 24 Pork Cutout is at $93.300, up $0.075,
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.
