Lean Hogs Rallied Triple Digits Out of Weekend

The lean hog market rallied as much as $1.97 starting the new week of trading, and closed just ~20 cents off the day’s high. USDA’s National Average Base Hog price was up by $1.87 on Monday afternoon to $81.17. The CME Lean Hog Index for 3/19 was 39 cents stronger to $83.21. 

NASS reported February pork stocks were 456.5 million lbs. That compared to 463.3 million in Jan and was the tightest Feb stockpile since 1997. The Cold Storage report put belly stocks at 63.8 million lbs for Feb. 

USDA’s National Pork Carcass Cutout Value increased by $2.36 to $95.74 on Monday afternoon. The bellies were why with a $13.187 increase to $135.54. The other primal cuts were mostly within $1 of UNCH. USDA listed the Monday FI hog slaughter at 484k head. That compares to 481k head last week and 483.7k during the same week last year. 

 

Apr 24 Hogs  closed at $85.150, up $0.575,

May 24 Hogs  closed at $91.925, up $1.525

Apr 24 Pork Cutout  closed at $93.950, up $1.525,

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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