Lean hog futures closed mixed on Monday, as the nearby April and May contracts fell 92 and 10 cents respectively vs the >30c gains in the summer months. The April/June spread had widened to $14.27 at the close. The July contract +$100 for the first time since Feb 2023. USDA’s National Average Base Hog price dropped by 58 cents to $70.91. The CME Lean Hog Index was $79.10 on 2/22, up by another 23 cents.
China’s Ministry of Ag reported 40.67 million head of sows in inventory at the end of January. That was a 1.8% decline from the December herd, and 7% below Jan ’23.
Monthly Cold Storage data from NASS counted 468m lbs of pork in the coolers on January 31. That was up from 427.4m lbs for December but was 9.9% tighter vs Jan ’23. Pork bellies were marked at 64m lbs for Jan, down from the 70 million lb supply last year.
The PM Pork Carcass Cutout Value was 17c lower on Monday to $90.99. USDA estimated the Monday FI hog slaughter at 492k head. That is up from 490k head last week and compared to 483.5k during the same Monday last year.
Apr 24 Hogs closed at $86.275, down $0.925,
May 24 Hogs closed at $90.750, down $0.100
Apr 24 Pork Cutout closed at $93.300, up $0.075,
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