Lean Hogs Lower Despite Cutout Improvement

Front month hog futures were down 27 to 35 cents at the Tuesday CME close. The CME Lean Hog Index was 31 cents lower on 01/17 to $60.14. Chinese pork production from 2019 was down 21.3% yr/yr hitting a 16-year low of 42.55 MMT. The USDA monthly cold storage report will be out after the close today. Traders will be eying pork and pork belly stocks. USDA’s Pork Carcass Cutout was triple digits higher Tuesday, with the $1.08 gain pushing it up to $78.19 cwt in the afternoon report. Hams were the biggest mover, gaining $4.48. USDA’s National Average Base Hog price was down 11 cents to $51.71. USDA estimates FI hog slaughter at 498,000 head for Tuesday, and 909,000 head on the week.

---provided by Brugler Marketing & Management

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