US pig outlook; lean hog futures showing signs of a market bottom

Published 2023년 2월 18일

Tridge summary

The article provides an overview of the US pork market, highlighting the current trends and forecasts. It discusses the increase in wholesale pork and cash hog prices due to decreasing supplies, with expectations for further price advances. The article also mentions the impact of weather conditions on hog slaughter and the effects of regulatory changes in China's hog production. Additionally, it covers the recent USDA's net sales and export data, showing variations in pork exports to different countries. The article also touches on the concerns about disease risks from high-density pig farms in China, as mentioned by Brett Stuart of Global AgriTrends. The futures prices for April lean hog futures, March soybean meal futures, and March corn futures are also provided, showing a range and a general trend.

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

Original content

US hog supplies are tightening and wholesale pork and cash hog prices have trended higher lately, even though the rate of gain hasn’t been great. The latest CME cash hog index quote is $75.62. Look for hog and pork prices to advance in the coming days and weeks ahead. Having last week’s kill fall below the comparable year-ago figure for the first time this year was a big step in that direction. It will help the bulls if forthcoming slaughter rates match the implicit USDA forecast of supplies consistently falling 2% below year-ago levels. Pork cutout has also risen about $5.40 from the Jan. 17 low of $77.44. While consumer and grocer demand for most cuts may not prove strong with Lent looming, industry demand for hams to be featured for Easter dinner should provide solid support. Demand for the other cuts should surge as Easter (on April 9), and the unofficial start of grilling season, nears. USDA Thursday reported US pork net sales of 45,000 MT for 2023 were up 56 percent from the ...

Source: Thepigsite