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Turnaround Tuesday Sparking Hog Rally

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Lean hog futures more than regained yesterday’s drops, with nearby contracts gaining $1.70 to $2.22 after turnaround Tuesday action. The 11/29 CME Lean Hog Index was $57.35 after dropping a full dollar. The USDA pork carcass cutout value was $80.61 after a $2.25 reduction, the belly was $9.99 lower. USDA’s national average base hog price for 12/03 has started to regain previous drops, it moved triple digits $44.80. A Chinese Ag Ministry official claimed that “Pork inventories are relatively ample for the 4th quarter”. Emphasis on relatively! Official export data from Brazil showed pork shipments for the month of November were 57,600 MT. That is 7.84% lower mo/mo, but 12.94% above November of ’18. USDA estimated FI hog slaughter for Tuesday at 495,000 head, just shy of yesterday’s record, and pushing the weekly total to 992,000 head.

Dec 19 Hogs closed at $62.500, up $2.150,

Feb 20 Hogs closed at $68.375, up $2.225

Apr 20 Hogs closed at $74.275, up $1.700

---provided by Brugler Marketing & Management

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