Lean hogs initially pushed lower through Wednesday, but firmed up and ended the day with 8 to 67 cent gains. That on net has the Feb contract at a net 45c loss for the week’s move. USDA’s National Average Base Hog price increased $1.17 to $47.07 for Tuesday afternoon. The CME Lean Hog Index was $66.85 on 1/15, up by 30 cents.
China’s National Bureau of Statistics reported 200223 pork output at 57.94 MMT. That was up 4.6% from 2022 with a 3.8% increased slaughter.
Pork cutout futures were 67 cents stronger on the day. USDA’s National Pork Carcass Cutout Value was $87.96 at the close, up by 17 cents. The CME Fresh Bacon Index was $138.33 for the week that ended 1/12. USDA’s FI hog slaughter was 1.321m head for the week through Wednesday. That compared to 1.319m last week and 1.392m during the same week last year.
Feb 24 Hogs closed at $71.450, up $0.675,
Apr 24 Hogs closed at $77.975, up $0.400
Feb 24 Pork Cutout closed at $85.375, up $0.675,
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