Hog Slide Continues on Tuesday

Lean hog futures are trading with 35 to 67 cent gains at Tuesday’s midday. The national average base hog negotiated price was not reported on Tuesday morning due to light volume, with the 5-day rolling average at $79.56. The CME Lean Hog Index was reported at $82.01 on January 3, down $1.11 from the previous day. 

Pork exports during November totaled a monthly record 643.5 million lbs, according to converted (to a carcass basis) Census data. That was up 5.9% from last year and 10.4% larger than October’s total

Managed money spec funds were trimming 13,044 contracts from their large net long in lean hog futures and options as of 12/31 to 108,941 contracts. 

USDA’s FOB plant pork cutout value was back up $1.40 in the Tuesday AM report at $89.23 per cwt. The loin and picnic were the only primals reported lower. Federally inspected hog slaughter on Monday was estimated at 447,000 head. That was down 54,000 head from last Monday and 21,922 head below the same Monday last year. 

Feb 25 Hogs  are at $78.975, down $0.675,

Apr 25 Hogs  are at $85.325, down $0.550

May 25 Hogs  is at $90.350, down $0.350,

On the date of publication, Austin Schroeder 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.