Pig outlook: Lean hog futures bulls again show resilience
Livestock analyst Jim Wyckoff reports on global pig news
7 February 2025
2 minute read
By: After seeing strong selling pressure earlier this week, April lean hog futures bulls came roaring back to life the latter half of this week. Once again, the hog market bulls have shown keen resilience after a solid price sell off. Technicals in hog futures have improved and hog traders are growing more confident of an extended cash hog market rally. The latest CME lean hog index is up 52 cents to $84.60 as of Feb. 4, increasing the rise from the seasonal low to $4.17. Bulls have also recently been encouraged by decreased hog slaughter levels that suggest USDA’s projected hog population may not be as big as the agency reported.
Latest USDA and other news regarding the global pork industry
Weekly USDA US pork export sales
Pork: Net sales of 50,700 MT for 2025 were primarily for Mexico (21,000 MT, including decreases of 600 MT), South Korea (7,200 MT, including decreases of 1,700 MT), Japan (6,500 MT, including decreases of 500 MT), the Bahamas (4,700 MT), and Colombia (3,600 MT, including decreases of 200 MT). Exports of 37,800 MT were primarily to Mexico (13,900 MT), Japan (5,500 MT), South Korea (4,000 MT), China (3,600 MT), and Canada (2,700 MT).
Export Adjustments: Accumulated exports of pork were adjusted down 6,487 MT to the Bahamas (4,690 MT), the Netherland Antilles (436 MT), the Dominican Republic (401 MT), Chile (289 MT), South Korea (236 MT), the U.S. Virgin Islands (118 MT), Haiti (92 MT), El Salvador (50 MT), Honduras (44 MT), Panama (37 MT), the Turks and Caicos Islands (29 MT), Guatemala (22 MT), Mexico (21 MT), Barbados (9 MT), Ecuador (8 MT), Nicaragua (3 MT), the United Arab Emirates (1 MT), and the Leeward Windward Islands (1 MT) for week ending January 23. These exports were reported in error.
The next week’s likely high-low price trading ranges:
April lean hog futures--$88.00 to $95.00 and with a sideways-higher bias
March soybean meal futures--$300.00 to $321.60, and with a sideways-higher bias
March corn futures--$4.80 to $5.10 and a sideways-higher bias
Latest analytical daily charts lean hog, soybean meal and corn futures
