Thursday’s hog trade will react to yesterday’s Cold Storage and the Export Sales data due later this morning. Lean hogs were mixed on Wednesday, with gains for the deferred contracts and 2 to 87 cent losses in the nearby summer months. 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 above the 533.4m lbs in April ’21. Belly stocks rose 4.2m lbs through the month to 81.2 million. That was the largest April figure since 2014, but far from the record April inventory of 146.093 million pounds set back in 1971.
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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