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Feb Lean Hogs Closed Limit Up



February 2024 Lean Hogs closed limit up and spread traders were bull spreading.  Spreads remain wide with February closing $6.70 under April.  Even with February limit up, trading took place throughout the day with moderately active volume on February with Globex volume at 26,750 contracts. However, volume for April Lean Hogs on out had light volume with April 9,402 contracts, June with 5,186 contracts and July at 2,386 contracts without any contract from April near limit up.  At the same time, Live Cattle trade volume was light but there were traders buying Lean Hogs and selling Live Cattle.

April Live Cattle/Lean Hogs spread 12 15 23


With heavier cattle being sold there is more beef on the market. It is going to add more trimmings, ground beef and more Select beef.  Consumers wanting cheaper beef will benefit but more beef and cheaper beef is going to pressure Choice prices.

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