Lean hog futures ended the day near their session lows, with May just 2 cents off that mark, on $0.22 to $1.10 losses. For the April contract, that was $2.58 above the 2/07 low. USDA’s National Average Base Hog price was $78.70 in the PM report, down by 80 cents. The WCB base price was $79.06 and the ECB quote was $78.05. The CME Lean Hog Index was up by 7 cents to $78.58 on 2/28.
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 settled with $0.30 to $1.05 losses for the day. USDA’s National Pork Carcass Cutout value was $85.73 for Thursday afternoon, up by 19 cents. morning was 2 cents firmer to $85.56. USDA estimated FI hog slaughter at 1.921m head for the week through Thursday. That is 80k head above last week’s pace and is 32k above the same week last year.
Apr 23 Hogs closed at $83.850, down $1.100,
May 23 Hogs closed at $92.875, down $0.650
Apr 23 Pork Cutout closed at $90.425, down $1.050,
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.
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