Group 1 - Lean hog futures are experiencing gains of 50 to 70 cents, with February futures up 7 cents [1] - The USDA's national base hog price was not reported due to no volume, while the CME Lean Hog Index increased by 55 cents to $83.62 on January 22 [1] - Monthly Cold Storage data indicates pork stocks on December 31 were at 390.55 million lbs, a decrease of 1.5% from the previous year, marking the lowest December level since 1997 [1] Group 2 - The USDA's pork carcass cutout value rose by $1.62 to $97.37 per cwt, with all primals reported higher, particularly the rib which increased by $6.52 [2] - Federally inspected hog slaughter for the previous week was estimated at 2.484 million head, which is 139,000 head lower than the prior week but 10,192 head higher than the same week last year [2] - February 26 hogs are priced at $88.275 (down $0.075), April 26 hogs at $96.850 (up $0.675), and May 26 hogs at $100.150 (up $0.600) [2]

Market Overview - Lean hog futures closed lower on Friday, with nearby contracts down by 10 to 25 cents, while February futures increased by 7 cents and April futures rose by 97 cents [1] - Preliminary open interest increased by 4,079 contracts on Friday [1] Pricing and Sales Data - USDA's national base hog price was reported at $83.56, up 47 cents from the previous day [1] - The CME Lean Hog Index rose by 67 cents to $83.07 on January 21 [1] - Export Sales data indicated 33,249 MT of pork sold for the week ending January 15, with shipments at 39,223 MT [2] Inventory and Slaughter Statistics - Monthly Cold Storage data showed pork stocks at 390.55 million lbs as of December 31, a decrease of 1.5% from the previous year, marking the lowest December level since 1997 [3] - USDA estimated federally inspected hog slaughter for the previous week at 2.484 million head, which is 139,000 head lower than the previous week but 10,192 head higher than the same week last year [4] Futures Market Activity - Commitment of Traders data revealed that managed money increased their net long position in lean hog futures and options by 14,794 contracts as of January 20, reaching a total net long of 97,418 contracts, the largest since October [3]

Market Overview - Lean hog futures closed lower, with nearby contracts down by 10 to 25 cents, while February futures increased by 7 cents and April futures rose by 97 cents [1] - USDA's national base hog price was reported at $83.56, an increase of 47 cents from the previous day, and the CME Lean Hog Index rose by 67 cents to $83.07 [1] Export and Sales Data - Export sales data indicated that 33,249 metric tons (MT) of pork were sold in the week ending January 15, with shipments totaling 39,223 MT during the same week [1] Cold Storage and Stocks - Monthly cold storage data revealed that pork stocks on December 31 were at 390.55 million pounds, a decrease of 1.5% from the previous year, marking the lowest December level since 1997 [2] Futures and Options Market - Commitment of Traders data showed that managed money increased their net long position in lean hog futures and options by 14,794 contracts as of January 20, reaching a total net long of 97,418 contracts, the highest since October [2] Carcass Cutout Value and Slaughter Estimates - USDA's pork carcass cutout value rose by $1.13 to $95.75 per hundredweight (cwt), with the rib primal being the only cut reported lower [3] - Estimated federally inspected hog slaughter for the week was 2.484 million head, which is 139,000 head lower than the previous week but 10,192 head higher than the same week last year [3] Futures Prices - February 26 hogs closed at $88.350, down $0.125; April 26 hogs closed at $96.175, down $0.175; May 26 hogs closed at $99.550, down $0.225 [3]

Cattle Market Overview - Cattle placements in October totaled 2.04 million head, which is 10% below 2024 and the lowest for October since 1996 [2] - Cattle and calves on feed for slaughter in the U.S. as of Nov. 1 were 11.7 million head, 2% below the same date in 2024 [2] - Marketings of fed cattle in October were 1.70 million head, 8% below the same time in 2024 [1] Price Trends - Average cash prices for steers and heifers fell to $217.57 and $218.55 respectively, down from $225.06 the previous week [3] - December live cattle futures hit a 4.5-month low, losing $4.70 per hundredweight, while January feeder cattle futures also reached a 4.5-month low, falling $6.325 [5] - Lean hog futures are in a downtrend, with the CME lean hog index down 56 cents to $85.71 [10] Consumer Demand - U.S. consumer demand for beef remains strong, with expectations for increased demand due to holiday meal preparations [7] - Consumer confidence is a critical factor for cattle markets, influenced by the volatility of U.S. stock indexes [8] Market Sentiment - The cattle futures markets are experiencing selling pressure, but there are indications that bearish sentiment may be exhausting [4] - Despite recent price declines, the overall report is considered price-friendly, highlighting historically tight cattle supplies in the U.S. [6] Hog Market Dynamics - The lean hog futures market is under technical selling pressure, with prices expected to continue downward in the near term [9] - Recent trade deals may improve global demand for U.S. pork, particularly with positive developments in U.S.-China relations [12]