Hog prices are locked limit higher in the July and August contract with $3.27 to $4.65 gains in the other nearbys, following 6 consecutive red days. End of month asset allocation protocol would suggest closing out winning short positions in hogs as well as longs in other markets. USDA’s National Average Base Hog price was $3.63 lower to $75.36. The CME Lean Hog Index for 5/25 was $80.48, down by 32 cents.
China’s Ministry of Agriculture had 42.8m head of sows in April. That was a 0.5% decrease from March’s inventory, but was 2.6% above April 2022.
Pork cutout futures are also sharply higher with $2.80 to $4.10 gains. USDA’s National Pork Carcass Cutout Value was $2.54 higher to $83.73. USDA estimated the week’s FI hog slaughter at 2.371 million head, down from 2.397m last week but up from 2.346 during the same week last year.
Jun 23 Hogs are at $79.600, up $3.525,
Jul 23 Hogs are at $79.525, up $4.750
Jun 23 Pork Cutout is at $82.500, up $3.125,
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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