Hogs Weaken on Thursday Pullback
Following 7 consecutive gains, lean hog futures pulled back to start the new month of Feb. April hogs had seen a $14.22 range during the month of January, ending a net $9.97 stronger. USDA’s National Average Base Hog price was another 79c higher on Thursday to $63.35. The 1/30 CME Lean Hog Index was another 90 cents higher at $72.38.
Weekly FAS data showed 42.9k MT of pork was sold for export during the week that ended 1/25. Exports were marked at 30.1k MT for the week.
USDA’s National Pork Carcass Cutout Value was $1.03 higher on Thursday afternoon, though bellies were quoted $5.85 weaker. The federally inspected hog slaughter for the week was marked at 1.955m head through Thursday. That is 20k head more than last week and is up 18k head from the same week last year.
Feb 24 Hogs closed at $75.800, down $0.550,
Apr 24 Hogs closed at $83.750, down $1.075
Feb 24 Pork Cutout closed at $88.000, down $0.050,
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.
