
The hog market is down by $1.12 to $2.85 after seeing the Thursday Export Sales data. USDA’s National Average Morning Base Hog price was withheld due to confidentiality, but was $101.87 in the afternoon report yesterday. The CME Lean Hog Index fell back to $105.90 on 7/31.
The FAS Export Sales report showed 17,826 MT of pork was sold during the week that ended 7/27. That was a drop from 25k MT last week and was 43% below the same week last year. Mexico was the top buyer for the week with 41% of the total. Pork shipments were a 4-week high 27k MT, taking the full year total to 933,433 MT. The export pace remains 7% ahead of last year as the 3rd largest volume on record.
Pork cutout futures are also dropping triple digits with a $3.35 loss in October so far. The AM National Pork Carcass Cutout Value increased $5.11 to $116.74. Bellies were back up by $22.90. USDA estimated the week’s FI hog slaughter at 1.420 million head through Wednesday. That is 30k head more than last week and is up 71k head from the same week last year.
Aug 23 Hogs are at $101.700, down $0.975,
Oct 23 Hogs are at $82.300, down $2.575
Aug 23 Pork Cutout is at $109.000, down $1.900,
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.