Save the thinly traded May contract, front month lean hog futures are down another triple digits through Wednesday’s midday. That has the July contract sitting at a weekly drop of $4.30 so far, following last week’s $4.87 rally. May prices are currently trading 15 cents in the black. Front month lean hog futures were mostly red on Tuesday, but firmed up off their lows and ended the day mixed. The summer months were 12 to 25 cents higher, while the deferred contracts settled 5 to 27 cents lower. The thinly traded May contract was $1.12 in the red at the bell, and just 7 cents off its daily low. USDA quoted the National Average Base Hog price at $72.11 this morning, up by $1.98. CME’s Lean Hog Index was $73.02 on 5/1, up by 92 cents.
Pork cutout futures are $0.82 to $2.10 lower on the board through midday. USDA’s National Pork Carcass Cutout Value for Wednesday morning was $81.44 after a 64 cent drop. USDA’s estimate for the Tuesday hog slaughter was 459,000 head. After revising Monday lower that set the week’s running total at 908k head, down by 31k from last week and by 49k from the same week last year.
May 23 Hogs are at $78.425, up $0.250,
Jun 23 Hogs are at $89.100, down $0.850
May 23 Pork Cutout is at $83.325, down $0.825,
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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