Front month lean hog futures are trading 15 to 92 cents weaker so far, as OI continues to decline in the Feb contract. USDA’s National Average Base Hog price was listed at $64.60 for Thursday morning, down by $1.28. The CME Lean Hog Index for 2/2 was cited at $73.56, up by another 44 cents.
The FAS Export Sales data had pork bookings at 39.2k MT for the week that ended 2/1. That was a decrease from 43k MT the week prior, but was still 36% above the same week last year. Pork shipments from the week were 41.8k MT, for a yearly total of 149.5k MT. that compares to 143.4k MT last year.
Updated WASDE data from WAOB showed US pork production estimated at 27.88 million lbs for 2024, a 90 mil lb redaction from the January report. Quarter 2 remained, steady, but all others were cut.
USDA’s National Pork Carcass Cutout Value was back up by $1.57 on Thursday morning to $85.56. Bellies had decreased by another $5.91 to $118.27 in the AM update. FI hog slaughter was up to 1.466m head for the week through Wednesday. That compares to 1.473m head last week and 1.434m head during the same week last year.
Feb 24 Hogs are at $73.275, down $0.100,
April 24 Hogs are at $80.175, down $0.925
Feb 24 Pork Cutout is at $83.800, down $0.125,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
