The lean hog market rallied as much as $1.97 to start the week, closing ~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 was $83.59 on 3/21, a nickel higher.
NASS reported February pork stocks were 456.5 million lbs. That compared to 463.3 million in Jan and was the tightest February 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,
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