Lean Hog futures saw strong $1.25 to $2.825 gains in most contracts on Friday, with April up 7.36% for the week. The CME Lean Hog Index was down 10 cents from the previous day @ $51.75 on March 6. Futures expect cash to rally, but the Index hasn’t budged. The USDA pork carcass cutout value was up 79 cents on Friday at an average weighted price of $65.04. The national base hog carcass value was up $1.21 on Friday afternoon at a weighted average of $45.86. Those are good arguments for the Index eventually rallying. Pork production for 2019 was estimated at 27.43 billion lbs by USDA, up 90 million from last month’s WASDE report.
--provided by Brugler Marketing & Management