Nearby hog futures are firming up by 50 to 65 cents at midday for Friday. The week’s move is still a net $2.87 loss for the April contract so far. USDA’s National Average Base Hog price was $65.23 on Friday morning, up by 72 cents. The CME Lean Hog Index was $74.02 on 2/6, up by another 16 cents.
Updated WASDE data from WAOB showed US pork production estimated at 27.88 million lbs for 2024, a 90 mil lb reduction from the January report. Quarter 2 remained, steady, but all others were cut.
USDA’s National Pork Carcass Cutout Value was 12 cents firmer to $86.48 in the AM report for Friday. FI hog slaughter was up to 1.957 million head for the week through Thursday. That is 2k more than last week and compares to 1.92m head during the same week last year.
Feb 24 Hogs are at $73.825, up $0.525,
April 24 Hogs are at $81.325, up $0.975
Feb 24 Pork Cutout is at $84.525, up $0.725,
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