Hog futures closed near the lows for the day with front month losses of $1 to $3.57. New life-of-contract lows were printed on Thursday. USDA’s National Average Base Hog price was down by another $2.73 to $79.46 in the PM update. The CME Lean Hog Index for 5/23 was another 58 cents higher to $80.67.
USDA reported 29,239 MT of pork was sold for export during the week that ended 5/18. That was down 8.4% from last week’s and was 20% below the same week last year. Pork shipments were reported at 38,495 MT for the week, led by shipments to Mexico (44% of the total). The weekly data had 2023’s total export at 647,940 MT as of 5/18 – 8.2% ahead of last year’s pace.
Pork cutout futures also fell sharply with $1.75 to $3.45 losses across the front months. USDA’s National Pork Carcass Cutout Value for Thursday was $81.19, up by 32 cents. USDA estimated FI hog slaughter at 1.903m head for the week through Thursday. That is 33k head above last week’s pace.
Jun 23 Hogs closed at $77.650, down $2.150,
Jul 23 Hogs closed at $77.250, down $3.575
Jun 23 Pork Cutout closed at $81.875, down $1.400,
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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