Pork Wrap

Pork Wrap October 8

Download PDF Last week’s relatively small kill didn’t do much to support the pork market this week as the cutout lost $2.44 on a weekly average basis. The negotiated markets were also lower, down $3-4. Interestingly, the LHI was almost unchanged on the week. Nearby futures were down a little over $2. Last week, I …

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Pork Wrap October 1

Download PDF The big news in the hog and pork complex this week was a $7+ surgein the cutout (weekly average basis) that was driven primarily by stronggains in the hams and bellies (chart below). The remaining primalswere pretty much steady on the week. The cutout gains wereimpressive considering the size of last week’s kill. …

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Pork Wrap September 24

Download PDF Pork packer margins expanded to $25/head this week as hog pricescontinued to fall and the pork cutout managed to hold steady. Thenegotiated hog markets were $5-6 lower on a weekly average basisand the cutout was lower through Thursday and then a sharp bumphigher on Friday moved the weekly average about $0.85 over lastweek’s …

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Pork Wrap September 17

Download PDF Both the cutout and the LHI were down about $2.75 on an average basis this week, so packer margins didn’t change much. They currently sit close to $17.50/head. The negotiated hog markets have been moving steady lower, with the WCB down $6.15 this week and the NDD down $4.56. Those declines haven’t been …

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Pork Wrap September 10

Download PDF The pork cutout was down only a dollar on an average basis this week,but by the way the futures market reacted, you would think it fell $10.October LH futures were down every day this week, but the lossesreally accelerated late in the week, and the contract dropped over $7 intotal. I think there …

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Pork Wrap September 03

Download PDF The hog and pork complex continued on its downward trajectory thisweek with both the cutout and negotiated hog prices droppingapproximately $5 on a weekly average basis. Meanwhile, the nearbyfutures rose $2. Go figure. The problem in the cutout seems to bealmost entirely limited to the bellies, with the other primals holding aboutsteady on …

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Pork Wrap August 27

Download PDF The hog and pork complex was on the defensive this week, with thecutout losing $6.25 on a weekly average basis and the negotiated hogmarkets dropping by more than $4. With the pork coming down fasterthan the hogs, packer margins compressed. By my calculation packermargins declined $9 this week to average $12.50. One thing …

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Pork Wrap August 20

Download PDF This week the pork cutout softened a bit, losing about $3.25 on aweekly average basis. With the pork coming down faster than the hogmarkets, packer margins compressed, now sitting close to $21/head,down about $4 from last week. Pork by-product values have reallyescalated lately, up about 11% in only four weeks. By-product marketstend to …

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Pork Wrap August 13

Download PDF The hog and pork complex was a little softer this week, as the cutoutdropped $2.10 on a weekly average basis and both the LHI and theNDD negotiated market were down about $1.50. The importantquestion is whether or not this week’s little dip in the cutout is thebeginning of a downtrend or just a …

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Pork Wrap July 30

Download PDF The pork cutout added a little over $2 this week, but the cash hogmarkets remained on the defensive. The WCB negotiated marketdeclined about $3 on a weekly average basis. With the negotiatedmarket moving lower and the cutout moving higher, the LHI stayedessentially flat on the week. In fact, the LHI is at nearly …

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