Hogs dropped by triple digits to start the week, reversing some of the strong net buying from last week. Futures were down $1.05 to $1.62 on the day. Feb contract OI was listed at 21,986 contracts in the Monday night preliminary report (down 3,033 for the session). USDA’s National Average Base Hog price fell 48 cents on Monday morning to $62.01. The CME Lean Hog Index was $1.22 stronger to $73.12 for 2/1.
USDA’s National Pork Carcass Cutout Value fell 80 cents on Monday to $87.60. USDA reported FI hog slaughter was 490k head for Monday. That compared to 492k head last week and was up from 478k head during the same week last year.
Feb 24 Hogs closed at $74.400, down $1.050,
Apr 24 Hogs closed at $82.200, down $1.625
Feb 24 Pork Cutout closed at $86.150, down $1.100,
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