Lean hogs were mixed with gains for the deferred contracts and 2 to 87 cent losses in the summer months. July futures were still at a net $9.97 premium to Dec at the close. USDA’s National Average Base Hog price was $1.64 weaker to $82.19. The CME Lean Hog Index for 5/22 was $80.09, up by 52 cents.
Monthly Cold Storage data had 565.5m lbs of pork in the freezer for April. That was up from 533.9m lbs last month and from 533.4m lbs in April ’21. Belly stocks specifically rose 4.2m lbs through the month to 81.2 million.
Pork cutout futures settled mixed as well with July and August UNCH and June down by $1.27. USDA’s National Pork Carcass Cutout Value was $2.63 lower to $80.87 in the PM report. USDA estimated FI hog slaughter at 1.426m head for the week through Wednesday. That is 26k head above last week’s pace and is up 15k from the same week last year.
Jun 23 Hogs closed at $79.800, down $0.875,
Jul 23 Hogs closed at $80.825, down $0.150
Jun 23 Pork Cutout closed at $83.275, down $1.275,
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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