Front month lean hog futures finished the Friday session mixed within 50c of UNCH. The Feb contract was a net $3.37 weaker for the week’s move and was a net $3.50 for the month. USDA’s National Average Afternoon Base Hog price for Friday was $2.79 lower at $43.57. The CME Lean Hog Index for 12/27 was $65.57, down by 14 cents.
The week’s pork export demand was 23,825 MT. That was a 4-wk low and left commitments at 1.766 MMT.
Open interest in pork cutout futures remains sub-100 with some contracts remaining UNCH for 10 days. The National Pork Carcass Cutout Value was $2.15 higher on Friday afternoon to $84.76. That compares to the $87.90 quote from the same time rounding out 2022. USDA’s Red Meat Summary showed pork production for the week was 483.3 million lbs compared to 475.9 during the same week last year. The year’s total came in at 27.177 billion lbs, a 1.1% increase from last year’s volume. Slaughter for 2023 was 2.1% above 2022 with 127.341 million head harvested.
Feb 24 Hogs closed at $67.975, down $0.475,
Apr 24 Hogs closed at $74.850, down $0.150
Feb 24 Pork Cutout closed at $81.725, up $0.000,
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