Nearby lean hog futures are 5 to 40 cents lower in Feb and April, but 10 to 20 cents stronger in the deferred contracts. The Feb-June spread is now $21.67. USDA’s National Average Base Hog price was withheld for confidentiality on Monday morning, after being quoted $1.64 higher at $56.27 for Friday afternoon. The CME Lean Hog Index was $69.67 on 1/24, up by another 28 cents.
USDA’s National Pork Carcass Cutout Value was 2c weaker to $89.49. Bellies were up by $4.13, though butts fell by $6.06. 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 are at $74.425, down $0.500,
April 24 Hogs are at $83.250, unch,
Feb 24 Pork Cutout is at $87.400, down $0.050,
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