Lean Hog Futures Rise Amid Strong December Pork Exports
Trading Update: Lean hog futures ticked up by $1.15 to reach $1.725 as of Wednesday. The national average base hog price was reported at $86.45 this morning. On February 3, the CME Lean Hog Index stood at $84.07, reflecting an increase of 31 cents from the prior day.
Pork Export Highlights: In December, U.S. pork exports totaled 645.8 million pounds, marking the second-largest volume for that month in history. This represents a slight increase of 0.4% from November and a 0.3% rise compared to the same period last year.
Market Insights: According to the USDA, the FOB plant pork cutout value fell 47 cents in the Wednesday AM report to $94.29 per cwt. Prices for the loin, butt, and rib primals all decreased. On Tuesday, federally inspected hog slaughter was estimated at 490,000 head, bringing the total for the week to date to 975,000 head. This figure is 12,000 head higher than last week but down by 4,462 head from the same week last year.
Feb 25 Hogs are priced at $86.225, which is an increase of $1.150.
Apr 25 Hogs are currently at $91.250, up by $1.500.
May 25 Hogs are listed at $95.475, rising by $1.725.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data herein are meant for informational purposes only. For more details, please refer to the Barchart Disclosure Policy here.
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