The front month hog futures market dropped as much as $2.17. June stayed relatively firm with a 60 cent drop. July contracts are still at a net $2.27 gain for the week’s move. USDA’s National Average Base Hog price for Wednesday was $93.11, up by 98 cents. The 6/5 CME Lean Hog Index was 65 cents higher to $81.86.
Census conversions put the April pork export at 580.6m lbs. That was a 4.5% drop from March’s volume, but was a 9.8% increase from April ’22.
Pork cutout futures closed with $1.30 to $2.12 losses. USDA’s National Pork Carcass Cutout Value for Wednesday afternoon was 17 cents higher at $85.15. USDA estimated the week’s FI hog slaughter at 1.398 million head through Wednesday, which is 29k head behind the same week last year.
Jun 23 Hogs closed at $87.700, down $0.600,
Jul 23 Hogs closed at $86.925, down $1.400
Jun 23 Pork Cutout closed at $89.100, down $1.300,
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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