Hogs Gaining into Weekend
Lean hog futures are trading $0.50 to $0.95 higher so far for the last trade day of the week. USDA’s National Average Base Hog price increased $1.53 to $54.63 for Thursday. The CME Lean Hog Index another 64 cents higher to $69.39 on 1/23.
China reported their hog herd at 434.22 million head for the end of 2023, which was down 4.1% from last year. The Ag Ministry had the sow herd at 41.42m head, down 5.7% yr/yr.
The weekly Export Sales data had 24k MT of pork sales for the week that ended 1/18. That was down from 33.4k MT last week. Shipments were 28.4k MT for the week, down from 31k last week. The yearly export total reached 77.6k MT through the first 3 weeks, which is 0.2% ahead of last year’s pace.
USDA’s National Pork Carcass Cutout Value was 5c stronger on Thursday afternoon to $88.91. USDA estimated FI hog slaughter at 1.935m head for the week through Thursday. That compares to 1.805m head last week and 1.963m head during the same week last year.
Feb 24 Hogs are at $74.900, up $0.600,
April 24 Hogs are at $83.425, up $0.875
Feb 24 Pork Cutout is at $87.275, down $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.
