Lean hog futures traded higher Tuesday midday, up 35 to 67 cents. The national base hog negotiated price was unreported due to light volume, though the 5-day rolling average held at $79.56. The CME Lean Hog Index stood at $82.01 on January 3, down $1.11 from the prior day.
Pork exports reached a monthly record of 643.5 million pounds in November, according to Census data converted to a carcass basis. That marked a 5.9% increase from last year and a 10.4% jump from October’s totals.
Managed money spec funds reduced their net long position in lean hog futures and options by 13,044 contracts to 108,941 contracts as of December 31.
The USDA’s FOB plant pork cutout rose $1.40 Tuesday to $89.23 per cwt. Loin and picnic primal cuts were the only items to decline. Federally inspected hog slaughter reached an estimated 447,000 head Monday, down 54,000 from the previous week and 21,922 below the same Monday a year ago.
Feb 25 Hogs – $78.975, down $0.675
Apr 25 Hogs – $85.325, down $0.550
May 25 Hogs – $90.350, down $0.350