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Monday, March 20, 2023 5:58:56 PM
New Lows For Hog Market
By: Barchart | March 20, 2023
The front month lean hog futures closed Monday’s trade with triple digit losses of as much as $2.10. For April, that brought lows not seen since October of 2021, which was before April contracts were trading with significant volume - the true LoC low for April hogs is still $75.72. The deferred months did print new contract lows on the day, which for July was $93.30. USDA’s National Average Base Hog price was quoted $1.15 lower to $76.46. The CME Lean Hog Index was 6 cents higher on 3/16 to $80.01.
Pork cutout futures also dropped triple digits on Monday, going home $0.52 to $2.12 lower. USDA’s National Pork Carcass Cutout value was $81.64 in the PM report, up by 69 cents. The bellies were down another $2.05 to $88.27. The CME Fresh Bacon Index was 25 cents lower for the week that ended 3/17 to $132.39. USDA estimated FI hog slaughter at 477,000 head for Monday. That is down 7,000 from last week but is up by 8,000 above the same Monday last year.
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By: Barchart | March 20, 2023
The front month lean hog futures closed Monday’s trade with triple digit losses of as much as $2.10. For April, that brought lows not seen since October of 2021, which was before April contracts were trading with significant volume - the true LoC low for April hogs is still $75.72. The deferred months did print new contract lows on the day, which for July was $93.30. USDA’s National Average Base Hog price was quoted $1.15 lower to $76.46. The CME Lean Hog Index was 6 cents higher on 3/16 to $80.01.
Pork cutout futures also dropped triple digits on Monday, going home $0.52 to $2.12 lower. USDA’s National Pork Carcass Cutout value was $81.64 in the PM report, up by 69 cents. The bellies were down another $2.05 to $88.27. The CME Fresh Bacon Index was 25 cents lower for the week that ended 3/17 to $132.39. USDA estimated FI hog slaughter at 477,000 head for Monday. That is down 7,000 from last week but is up by 8,000 above the same Monday last year.
Read Full Story »»»
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