Lean Hogs Futures Market News and Commentary
Lean hog futures spent most of the Thursday session flipping from positive to negative territory, but ultimately ended the session mostly lower withing 17 cents of UNCH. April hogs closed at $87.30 after a 62 cent drop. The CME Lean Hog Index was 64 cents higher on 3/2 to $83.27. USDA’s National Average Base Hog price was another $1.93 higher to $84.68 in the PM quote.
USDA’s weekly Export Sales report showed a 21-week high 59,615 MTs of pork booked for the week ending 2/25. China purchased 47% of this week’s total sales, but is still the destination for just 27% of 2021’s 668,688 MT total commitments.
Pork cutout futures closed 20 to 82 cents weaker on Thursday. USDA’s National Pork Carcass Cutout Value was $93.52 in the PM report, up by $2.11. USDA estimates federally inspected hog slaughter for the week through Thursday at 1.982m head. That is 1,000 head above the same week last year’s pace.
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