Lean hog futures are trading with losses of as little as 7 cents to the limit $4 lower. The national average base hog negotiated price was not reported on Monday morning due to low volume. The CME Lean Hog Index was reported at $83.48 on January 30, up 42 cents from the previous day.
Earlier this morning, following a meeting between President Trump and Mexico’s President, the tariffs on Mexico were pushed back month from the expected Tuesday start as Mexico is planning to send 10,000 troops to the border to slow the trafficking of drugs. There has been no official push back on the date for the Canadian tariffs.
Managed money spec funds were trimming back their net long in lean hog futures and options by 213 contracts to 91,937 contracts.
USDA’s FOB plant pork cutout value was 43 cents higher in the Monday AM report at $95.18 per cwt. The belly led the charge, up $9.52. Federally inspected hog slaughter for last week was estimated at 2.574 million head. That was 97,000 head above last week but down 128,152 head from the same week last year.
Feb 25 Hogs are at $84.100, down $0.075,
Apr 25 Hogs are at $86.350, down $4.000
May 25 Hogs is at $90.900, down $3.625,
