Futures are down by 17 cents in the thinly traded May contract, and down by 40 cents in the June. The other nearby hog contracts are up by 7 to 52 cents through midday. The National Average Base Hog price for Thursday morning was $2.43 higher to $68.89. The CME Lean Hog Index was $71.30 on 4/25, up by 11 cents.
The weekly FAS Export Sales report had 54,018 MT of pork bookings for the week that ended 4/20. That was a 20-wk high and was 72% above the same week last year. Mexico was in the market in a big way with 32k MT of purchases – nearly matching the 4-wk average sales to all destinations. USDA had the year’s total shipment at 497,1132 MT. That is 5.9% ahead of last year’s pace; the April WASDE has a 0.7% yr/yr boost for ’23 pork exports dialed in.
Front month pork cutout futures are trading 37 to 75 cents lower so far. USDA’s National Pork Carcass Cutout Value for Thursday morning was $78.79, up by 42 cents. The week’s federally inspected hog slaughter was estimated at 1.416m head through Wednesday. That is even with the same week last year but 6k head behind last week’s pace.
May 23 Hogs are at $78.275, down $0.000,
Jun 23 Hogs are at $89.900, down $0.375
May 23 Pork Cutout is at $84.000, down $0.375,
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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