Hogs Showing Marginal Weakness on Friday
Lean hog futures are down 5 to 25 cents across most contracts on Friday. The USDA national average base hog negotiated price was down 58 cents at $87.91 in the Friday AM report. The CME Lean Hog Index was steady from the previous day on March 26 at $89.13.
Hogs & Pigs data saw a revised December 1 hog inventory by 940,000 head lower. March 1 hog inventory was seen at 74.512 million head, down 0.24% yr/yr vs. estimates of +1.2%. Market hogs were at 68.532 million head, down 0.21%, with the breeding herd down 0.6% to 5.98 million head. The December -February pig crop was down 0.16% to 33.701 million head as farrowings were revised (38,000 head) lower to 2.892 million head.
The Friday morning pork cutout print from USDA was up $3.91 at $98.75 per cwt. The rib was the only primal reported lower, with the belly up $13.64. USDA estimated Thursday’s Federally inspected hog slaughter at 489,000 head, taking the weekly total to 1.939 million head. That is up 141,000 head from last week and 718 head below the same week last year.
Apr 25 Hogs are at $86.875, down $0.150,
May 25 Hogs are at $88.600, down $0.250
Jun 25 Hogs is at $96.125, down $0.050,
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.