Front month hogs, past the Feb contract, gapped lower at the day session open and spent the whole day working in the red. At the close futures were off their daily lows but still down by 52 to 75 cents. Feb futures were 7 cents weaker on the day. USDA’s National Average Base Hog price was $1.31 weaker in the PM update to $65.06. The CME Lean Hog Index was $74.02 on 2/6, up by another 16 cents.  

The FAS Export Sales data had pork bookings at 39.2k MT for the week that ended 2/1. That was a decrease from 43k MT the week prior, but was still 36% above the same week last year. Pork shipments from the week were 41.8k MT, for a yearly total of 149.5k MT. that compares to 143.4k MT last year. 

Updated WASDE data from WAOB showed US pork production estimated at 27.88 million lbs for 2024, a 90 mil lb redaction from the January report. Quarter 2 remained, steady, but all others were cut. 

USDA’s National Pork Carcass Cutout Value increased by $2.37 to $86.36 on Thursday af... Read more