# Forward margin opportunities

> 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.

- Date: 2023-01-30 · published 2023-01-30T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/37926-forward-margin-opportunities
- Commodities: [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

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.

## Read by commodity

- CORN: neutral
- HOGS: neutral

## Sources

- nationalhogfarmer.com: https://www.nationalhogfarmer.com/market-news/forward-margin-opportunities

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.