Lean Hogs Market News and Commentary

Lean Hog futures posted limit gains in most nearby contracts for the second day in a row on Thursday. They will have expanded limits of $4.50 again on Friday. Since the Feb 20 low, April hogs have rallied 49.9%! The CME Lean Hog Index was up $1.68 from the previous day @ $59.22 on March 19. Futures have been anticipating the rally in cash for several weeks now and are finally seeing the follow through. The USDA pork carcass cutout value was up $2.20 on Thursday afternoon at an average weighted price of $76.25. The national base hog carcass value was up $3.34 in the PM report at an average weighted price of $63.79. USDA estimated WTD FI hog slaughter at 1.887 million head, up 36,000 from the previous week and 41,000 above last year. Export sales of pork for the week that ended on March 15 totaled a healthy 29,302 MT.

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