Friday’s hog market closed with 50 to 75 cent gains, which left the Feb contract up by $4.17 for the week to levels not seen since late Nov. USDA’s National Average Base Hog price increased by $1.64 to $56.27. The CME Lean Hog Index was $69.67 on 1/24, up by another 28 cents.
CFTC reported the managed money funds were net new buyers in lean hogs during the week that ended 1/23. That left flipped the group back to a 2,483 contract net long for Tuesday’s settle. That followed a 9-week net short.
China reported their hog herd at 434.22 million head for the end of 2023, which was down 4.1% from last year. The Ag Ministry had the sow herd at 41.42m head, down 5.7% yr/yr.
Pork cutout futures were 10c to 65 cents higher across the front months, ending the week with a $2.05 gain. USDA’s National Pork Carcass Cutout Value for Friday afternoon was 60 cents stronger to $89.51. USDA reported 592.3 million lbs of pork was produced during the week, with 2.719m head of hogs harvested. Slaughter was 3.4% above last week and pork output was up by 3.7%.
Feb 24 Hogs closed at $74.925, up $0.625,
Apr 24 Hogs closed at $83.250, up $0.700
Feb 24 Pork Cutout closed at $87.450, up $0.100,
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