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Hogs Market Report
Sat 04 Feb 2012 06:57:00 CT
Related Keywords: Agriculture
Related Keywords: Agriculture
Morning Hog Market Report
April hogs closed sharply lower on the session yesterday after first moving to the highest level since December 8th after a 455 point jump in just 5 days. Cash hogs traded steady to $0.50 higher as the market found support from talk of hefty snow for central and western Iowa and from a firming tone to pork product prices this week. Average weights are a bit higher than normal due to warmer than normal weather but talk that Saturday's levels will be higher this week has helped to improve demand for live inventory. Slaughter came in at 416,000 head, which was a little lower than market expectations. This brings the total for the week so far to 1.650 million head, down from 1.702 million head last week at this time but up from 1.431 million head a year ago. The CME Lean Hog Index as of January 31st came in at 87.94, up 16 cents from the previous session and up from 86.28 the week before. Pork cutout values released after the close yesterday came in at $84.95, down 32 cents from Wednesday but up from $83.29 the previous week. Actual US pork production for the week ending January 21st came in at 462.2 million pounds, down from 463.1 million pounds the previous week and up 3.9% from a year ago.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
