After the sharp loss to contract lows to start the year, and follow through weakness yesterday, the Thursday session saw hogs roaring back with triple digit gains for the front month. Feb rallied 5.7% on the day and is now at a net gain for the week to date. USDA’s National Average Base Hog price increased by $0.34 in the Thursday PM report, now listed at $45.31. The CME Lean Hog Index for 01/02 was $65.19, back up by 14 cents.
Pork cutout futures remain thin and inactive, though the Feb contract traded 3.45% higher on Thursday. The National Pork Carcass Cutout Value increased by $1.72 on Thursday afternoon to $84.50. USDA estimates FI hog slaughter for the week through Thursday at 1.452m head. That is 21k head behind the same week last year.
Feb 24 Hogs closed at $69.050, up $3.750,
Apr 24 Hogs closed at $74.950, up $2.750
Feb 24 Pork Cutout closed at $81.725, up $2.725,
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