Pigs were 40c to 70c stronger over the previous months, leaving the Feb contract at a 55 cent loss for the week. The National Average Basis Hog price for Friday afternoon was 20 cents weaker at $47.76. The CME Lean Hog Index was $66.69 for 12/20, a 6-cent weaker quote.
The quarterly NASS Hogs and Pigs data showed 74.971 million head for the herd as of Dec 1. That was even with last year compared to the 0.5% increase expected. Farrowing intentions were shown at Trader estimates for the Hogs and Pigs report due this afternoon range from a 1.2% drop to a 0.4% increase in the hog herd from Dec 1 to Dec 1. The average trader guess is to see 0.5% lighter inventory . of 74.475m head. Analysts estimate that the September-November pig harvest will be down 1.7% from last year.
The National Pork Carcass Cutout Value was 86 cents stronger at $82.21 for Friday afternoon. was $81.35 per penny weaker quote. USDA reported the week’s hog production at 524.4 million pounds. That’s 9.2% lighter volume than last week, although it’s 37% more than the same week last year. Slaughter was shown at 2.426 million head compared to 2.682m last week and the same time last year.
Feb 24 Hogs closed at $71.350, up $0.700,
Apr 24 Hogs closed at $77.575, up $0.625
February 24 Pork closed at $81.725, up $0.000,
As of 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
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