Hog Market Making a Triple Digit Move

Lean hog futures are higher by 47 cents to $1.07 at midday, with Dec futures posting a 15 cent gain. The 12/10 CME Lean Hog Index was at $59.46, after a 99-cent leap. Weekly export sales in pork were released by the USDA this morning, and the update for the week ending 12/05 showed 44,728 MT of bookings. That was a 53.2% increase over last week’s total net sales, and 33.8% higher than total export bookings through the same week last year. Shipments were shown at 38,245 MT on the week, which pushed accumulated shipments to 1.487 MMT. USDA’s pork carcass cutout value was $1.53 lower this morning. USDA’s national average base hog price for 12/12 was $0.52 higher to $48.57. USDA estimated FI hog slaughter through the week to be 1.474 million head, which is 12,000 head behind last week’s pace.

Dec 19 Hogs are at $60.850, up $0.150,

Feb 20 Hogs are at $68.800, up $1.075

Apr 20 Hogs are at $74.725, up $0.475

---provided by Brugler Marketing & Management

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