Lean hogs have surrendered all of the sharp rally from last week, with another triple digit drop on Friday. That has the July contract sitting at new contract lows. Friday morning’s AM National Average Base Hog price was withheld to protect confidentiality. The Thursday PM quote was 56 cents weaker to $73.33. CME’s Lean Hog Index for 5/02 was $73.78, up by 76 cents.
USDA reported 48,994 MT of pork was sold for export during the week that ended 4/27. Pork exports were the most since the week of 5/20 in 2021 at 38.5k MT. That brought the full year total to 535,715 MT compared to 502k MT last year.
The monthly Census data showed 608.1m lbs of pork was exported during March. That was 20.6% above February and was up 11.8% from March ’22. The season’s 1.668b lb total is 8.3% above last year’s pace.
Pork cutout futures are also weaker with 0.7% to 1.5% losses so far. USDA’s National Pork Carcass Cutout Value was 37 cents stronger to $80.44. USDA estimates FI hog slaughter at 1.857m head for the week through Thursday. That is 33k below last week and is 57k head below the same week last year.
May 23 Hogs are at $75.950, down $1.125,
Jun 23 Hogs are at $85.900, down $1.250
Jun 23 Pork Cutout is at $90.275, down $1.375,
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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