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Hogs Still Under Pressure from Weak Cash Markets

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Lean hog futures closed Thursday with front month losses of at least $2.10. Feb contracts were the weakest giving back $2.85, to post a 10-week low. Pork Cutout futures also weakened on the day. With just 9 trade days for the new contracts, the nearbys all posted a life of contract low during the triple digit drops. The CME Lean Hog Index for the 17th was another 41 cents weaker to $69.32. USDA’s National Average Base Hog price for Thursday PM was $58.48 down just 4 cents. USDA’s National Pork Carcass Cutout value was $1.54 higher in the afternoon update to $79.22, led by a $9.50 gain to ham primals. Federally inspected hog slaughter for the week through Thursday was estimated at 1.955 million head. That compares to 1.923 LW and 1.968 from the same week last year.

--- provided by Brugler Marketing & Management  

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