Lean Hogs Oct '20 (HEV20)
Lean Hogs Futures Market News and Commentary
Lean hog futures gained 2 to 30 cents on the day. Oct was the outlier, with a 10 cent drop on Thursday. Front month lean hogs are firm at midday with gains limited to 7 cents. August hogs are up by 52 cents so far. The CME Lean Hog index was $52.92 on Aug 4, which was 11 cents stronger. USDA’s National Average Afternoon Base Hog price for was $37.99 after dropping 54 cents. Pork export sales were 30,348 MT on the week ending July 30. That was down 25% wk/wk but still well more than double (+121%) yr/yr. Of the week’s sales, 19% were to China. Export shipments from the same week were 34,386 MT, with 26% destined for PRC. YTD pork exports to China are 40% of the total, which is now at a record 1.15 MMT. USDA’s National Pork Carcass Cutout value was $3.76 higher in the PM report. Hams were the strongest with a $9.18 bump to $56.90 cwt. FI hog slaughter for the week through Wednesday was estimated at 1.830 million head. That is down 57,000 head from last week due to the Monday plant dow... Read more
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