Lean Hogs Futures Market News and Commentary
Lean hog futures are trading triple digits weaker through Thursday’s midday, led by April’s $2 drop. USDA’s National Average Base hog price for Thursday morning was $5.83 higher to $68.64. The CME Lean Hog Index from 1/25 was another 75 cents higher to $79.20.
USDA reported pork export sales of 49,054 MT from the week that ended 1/20. That was a 26% increase wk/wk, but was still 8% lower than the same week last year. The weekly report listed Mexico and China as the top buyers with 17,300 and 16,900 MT respectively. Mexico was also the top destination for the week’s exports with 16k MT of the 30,681 MT total.
Pork cutout futures are also weaker, with the front months down by $0.65 to $1.82 so far. USDA’s National Pork Carcass Cutout Value was $6.05 higher this morning to $100.65. Hams and bellies led the way, each up by more than $10 cwt. USDA estimated WTD hog slaughter under federal inspection at 1.394m head through Wednesday. That is 74k head more than last week’s... Read more