Hog futures are trading within 65 cents of UNCH at midday. The nearby April and May are joined with the October contract in the red, with losses of as much as 65 cents. The summer contracts are gaining 2 to 5 cents so far. USDA’s National Average Base Hog price was $78.07 in the AM report, down by 56 cents. The CME Lean Hog Index was 29 cents higher on 2/27 to $78.51.
USDA’s weekly Export Sales report had 30,973 MT of pork bookings for the week that ended 2/23. That was down 40% from last week and was 27% under the same week last year. Mexico was the largest buyer with 13k MT, but China was notably absent. The week’s exports were 30,372 MT – a slight increase relative to last week and the same week last year. Accumulated pork shipments still trailed last year’s pace by 1.2% through 2/23.
Pork cutout futures are mostly higher at midday, but are within 10 cents of UNCH. USDA’s National Pork Carcass Cutout value for Thursday morning was 2 cents firmer to $85.56. USDA estimated FI hog slaughter at 1.435m head for the week through Wednesday. That is 65k head above last week’s pace and is 23k above the same week last year.
April 23 Hogs are at $84.250, down $0.700,
May 23 Hogs are at $93.125, down $0.400
April 23 Pork Cutout is at $91.475, down $0.225,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
/A%20Palantir%20sign%20displayed%20on%20an%20office%20building%20by%20Poetra_RH%20via%20Shutterstock.jpg)