Lean hog futures declined by 50 to 85 cents on Friday, January 5, 2023, while the USDA’s national base hog price was not reported due to low trading volume. The CME Lean Hog Index rose by a penny to $82.26. Managed money increased their net long position in lean hog futures and options by 10,489 contracts to 75,325 contracts during the week ending December 23.
The USDA reported a pork carcass cutout value of $95.71 per cwt, up $1.97, with the belly leading gains by $5.32 despite lower prices for the loin. Estimated federal inspected hog slaughter for Wednesday was 418,000 head, with a weekly total of 1.36 million head. Current prices are as follows: February 26 Hogs at $84.275, April 26 Hogs at $89.150, and May 26 Hogs at $93.425, marking declines of $0.825, $0.750, and $0.575 respectively.
