The lean hog market ended Friday with another 45 to 60 cent gains, which left April $1.97 higher for the week. The July contract closed +$100 for the first time since Feb 2023. USDA’s National Average Base Hog price was $1.71 weaker on Friday afternoon at $71.49. The 02/21 CME Lean Hog Index increased by 81 cents to $78.78.
Weekly Commitment of Traders data had lean hog spec traders with a 48.2k contract net long, a 14.5k contract stronger net long via net new buying in the week ending Feb 20.
The weekly Export Sales report showed pork bookings were 29k MT for the week that ended 2/15. That was down from +30k the past two weeks and from 43k MT 3-weeks back. USDA did revise the massive sale from last week, citing errors for China and Mexico. Pork commitments are now listed at 456.3k MT for the year, which is 3% ahead of last year’s pace.
Friday afternoon’s National Pork Carcass Cutout Value was $91.16, which was 73 cents weaker mainly driven lower by the bellies. Every primal cut had increased from Thursday, save for a $9.36 drop in the bellies. USDA reported the week’s pork output at 558.9m lbs, which compares to 556m last week and 510.2m during the same week last year. Slaughter was up 0.7% for the week and 9.2% vs the same week last year with 2.361m head harvested.
Apr 24 Hogs closed at $87.200, up $0.000,
May 24 Hogs closed at $90.850, up $0.525
Apr 24 Pork Cutout closed at $93.225, down $0.025,
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