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Chip Whalen notes that Q1 2023 projected hog margins have fallen to negative $9.95/cwt, the third percentile of the past decade, while Q1 2024 margins are projected at $5.27/cwt. Pork cutout is down almost 10% from the end of last year, and belly prices are down 35% from a year ago as freezer stocks swell.
Negative near-term hog margins will likely reduce farrowing and near-term hog marketings, while deferred margins signal recovery later, with mixed implications for feed demand.
nationalhogfarmer.comChip WhalenJan 30, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
