Lean hog futures are mixed at midday with February being held up and other contracts down $1.30 to $1.60. The national average base hog negotiated price was reported at $77.20 on Tuesday morning, down 25 cents from the day prior. The CME Lean Hog Index was reported at $81.40 on January 17, up 12 cents from the previous day.
On Monday, President Trump signaled a less aggressive approach to tariffs and has delayed implementation to review current trade agreements and policies with China, Canada, and Mexico. He did throw out a February 1 start date for potential 25% tariffs on Mexico and Canada.
Commitment of Traders data showed specs adding 6,408 contracts back to their net long position as of January 14 to a net position of 103,598 contracts.
USDA’s FOB plant pork cutout value was 55 cents lower in the Monday AM report at $91.76 per cwt. The picnic and belly were the primals reported higher, with the rest reported lower. Federally inspected hog slaughter for Monday was at 422,000 head. That is 64,000 head below than last Monday and down 60,419 head the same week last year.
Feb 25 Hogs are at $81.250, up $0.125,
Apr 25 Hogs are at $86.750, down $1.575
May 25 Hogs is at $91.800, down $1.300,
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