Front month lean hog prices closed the day ~$1 off the daily highs, but still $0.32 to $2.05 higher on the day. USDA’s National Average Base Hog price was $81.32 in the AM report with no comparison to Friday.
The quarterly NASS report had March 1 hog inventory at 74.751 million head. The Dec-Feb pig crop was 33.15m head. Farrowing intentions for March-May were 2.915 million head, or 0.88% below last year vs the 2.3% drop expected.
USDA’s morning National Pork Carcass Cutout Value shot up by $5.77 on a belly rally to $99.43. The bellies were up by over $30 cwt. in the AM report to $143.09. USDA estimated FI hog slaughter at 1.946 million head for the week through Thursday. That compares to 1.952 million last week, and to 1.921 million during the same week last year.
Apr 24 Hogs closed at $86.950, up $0.325,
May 24 Hogs closed at $93.750, up $1.250
Apr 24 Pork Cutout closed at $96.725, up $1.100,
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