Lean Hogs Futures Market News and Commentary
The Thursday lean hog futures trade moved prices lower with 0.6% to 2.26% losses. The late 2022 contracts were the weakest on the day, while July hogs were down just 27 cents. USDA’s National Average Base Hog price for Thursday was $2.27 weaker at $118.91. The CME Lean Hog Index was $111.26 for 6/28 after fading back 38 cents.
FAS reported 32,296 MT of pork was booked during the week that ended 6/23. That was a 5 week high and was up 13% yr/yr. Mexico again led the purchases with nearly 2/3 of the total. Pork exports were 27,732 MT during the week.
Pork cutout futures closed with $0.85 to $1.90 losses on Thursday. USDA’s National Pork Carcass Cutout Value was $107.25 after a $1.31 drop. Federally inspected hog slaughter for the week through Thursday is estimated at 1.832m head. That is down 19k head wk/wk and trails the same week last year by 2,000.
Jul 22 Hogs closed at $109.125, down $0.275,
Aug 22 Hogs closed at $102.100, down $1.475
Jul 22 Por... Read more