Hogs posted losses of 97 cents to $2.72 across the board on Tuesday. The USDA National Average Basal Hog price was down $6.19 on Tuesday afternoon to an average price of $61.03. The CME Lean Hog Index for 11/17 fell another 57 cents to $74.52.
China’s sow herd was estimated at 42.1 million head at the end of October according to the Ministry of Agriculture. This is an excess compared to what is needed, with the higher production rate for sows and smaller than expected pig production in the country.
Pork cut futures were down $1.37. The National Pork Carcass Cutout Value was down 88 cents in Tuesday afternoon’s report release at $85.21. The belly was the only cut reported higher (+67 cents), with all 5 other sires down anywhere from 41 cents to $2.06. USDA estimated FI hog slaughter at 486,000 for Tuesday, bringing the WTD total to 972,000 head. That’s a 13,000 increase over last week, but down 6,000 head from the same week to current numbers last year.
Dec 23 Hogs closed at $68,175, down $2,175,
Feb 24 Hogs closed at $72,325, down $2,725
December 23 Pork closed at $79,850, down $1,425,
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