In my Q1 2023 Barchart report on animal proteins, I highlighted the weak price action in lean hog futures over the first three months of 2023. In 2022, lean hog futures posted a 7.64% gain. While cattle prices rose in Q1 2023, lean hogs went the other way, falling 14.20% in the quarter that ended on March 31, 2023.
Nearby lean hog futures settled at 75.25 cents on March 31, with the June contract at 91.625 cents. The premium for June hogs is seasonal because the grilling season starts in late May.
