Lean Hogs Futures Market News and Commentary
Lean hog futures finished Thursday with losses of $0.37 to $1.45 in the front months. The 11/12 CME Lean Hog Index was up 61 cents to $59.55. The afternoon pork carcass cutout value from USDA was 2 cents lower. The biggest moves for the primal cuts were by picnics (down $2.18) and ribs (up $1.93). The national average base hog price 4 cents lower Thursday afternoon at $42.20. China lifted their ban on U.S. poultry imports, imposed a couple years ago due to avian flu concerns. Anything that removes substitutes from the US market should be price supportive in the US over time. The USDA estimated weekly FI hog slaughter as of 11/14 was 1.916 million head, 49,000 head slower than last week’s pace.
--provided by Brugler Marketing & Management