Hogs closed Wednesday with $0.60 to $1.70 gains. April finished the day at levels not seen since mid-November. USDA’s National Average Base Hog price for Wednesday was $53.10 after increasing $5.76. The CME Lean Hog Index was 35c stronger on 1/22 to $68.75.
End of December US pork stocks were 427.3 million lbs according to NASS’s Cold Storage report. That was 2.8% looser than November’s stocks, but was 6.4% tighter compared to last year. NASS counted pork belly stocks @ 56m lbs, compared to 47m in November and 63 million last year.
Front month pork cutout futures ended the day mixed with a 5c loss for Feb, but a 95c gain for May. USDA’s National Pork Carcass Cutout Value was 83c stronger to $88.86. Bellies were up $7.78 to $143.39. USDA estimated FI hog slaughter at 493k head for a weekly total of 1.455m head. That compares to 1.475m head last week.
Feb 24 Hogs closed at $73.900, up $0.600,
Apr 24 Hogs closed at $82.025, up $1.700
Feb 24 Pork Cutout closed at $87.350, down $0.050,
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