Lean hog futures are trading up by $0.52 to $1.52 after the sharp decline early last week. For the week, Oct was at a net $2.30 loss while Dec ended $2.47 weaker Friday to Friday. USDA’s National Average Base Hog price was delayed due to packer submission errors this morning, Friday afternoon’s quote was $84.62. CME’s Lean Hog Index was another $1.22 lower on 8/24 at $96.40.
China’s Ministry of Ag reported the sow herd at 42.71m head. That came down 0.6% for mo/mo July, and was 0.6% lighter than July ’22.
Pork cutout futures are triple digits in the black so far. USDA’s National Pork Carcass Cutout Value was up $4.06 in the Monday AM report to $97.48. USDA estimates FI hog slaughter at 2.5m head for the week through Saturday. That is up from 2.414m head during last week and 2.412m head for the same week last year. USDA had the YTD estimate at 81.775m head – compared to 80.673m head during the same week last year.
Oct 23 Hogs are at $81.525, up $1.700,
Dec 23 Hogs are at $73.200, up $1.175
Oct 23 Pork Cutout is at $92.500, up $1.400,
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 Barchart Disclosure Policy here.
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