US: Lean hog futures bulls hoping for seasonal bottom

Published 2023년 1월 27일

Tridge summary

Lean hog futures have hit a 3.5-month low and continue to trend downward, with bears in control. The CME lean hog index has decreased by 2 cents to $72.11. The USDA’s Cold Storage Report showed a decrease in pork stocks, but an increase in poultry and red meat supplies. Large hog slaughter levels in the US are raising concerns about the hog population reduction reported in the December USDA Hogs & Pigs report. In the UK, pork imports have increased, with a notable rise in bacon and sausage imports. Exports of pork from the UK to the EU and China have also increased. However, the war in Ukraine is expected to cause a decrease in corn and wheat production for a second year in a row.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Lean hog futures prices this week scored a 3.5-month low and remain in a steep downtrend on the daily bar chart. Bears are in technical control. The latest CME lean hog index is down 2 cents to $72.11 (as of Jan. 23) Until the cash index signals a bottom, upside in futures will be limited. USDA’s Cold Storage Report was released Wednesday afternoon. The five-year average is a 3.2 million-lb. decline in pork stocks during the month. The Cold Storage Report showed total frozen poultry supplies on December 31, 2022 were up 7 percent from the previous month and up 23 percent from a year ago. Total stocks of chicken were up 2 percent from the previous month and up 25 percent from last year. Total pounds of turkey in freezers were up 35 percent from last month and up 14 percent from December 31, 2021.Total red meat supplies in freezers were up 2 percent from the previous month and up 11 percent from last year. Total pounds of beef in freezers were up 4 percent from the previous month ...

Source: Thepigsite