Hogs Surged Ahead of USDA Confirmation That Numbers Are Down
Alan Brugler - Barchart - Thu Dec 24, 1:27PM UTC
Lean hog futures were up triple digits on Wednesday in the first three contracts, with gains of at least 95 cents through July. Pork cutout futures closed up by $0.60 to $1.30. The CME Lean Hog Index fell another 51 cents to $62.04 on 12/21. USDA back adjusted several numbers in the Hogs & Pigs report last night, reporting 820,000 head fewer in December 2019. With 77.502m head reported, Dec 2020 inventory was still down 0.93% yr/yr. Breeding inventory was down 3% yr/yr with 6.276 million sows. That was a bigger cut than the trade expected. Market hogs were down 0.74% yr/yr with 71.226 million head reported. USDA’s daily reports are not scheduled for today, in recognition of the national holiday. USDA’s National Average Base Hog price was $50.44 on Wednesday, and the National Pork Carcass Cutout value was $69.34. USDA estimated the WTD hog slaughter at 1.411 million head through Wednesday.
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