With August set to roll off the board on Monday, the active contracts are trading 22 cents to $1.20 in the red. USDA’s National Average Base Hog price for Thursday morning was $3.17 weaker to $96.35. The CME Lean Hog Index fell another 46 cents to $104.58.
FAS data showed 22,339 MT of pork was sold for export during the week that ended 8/3. That was a 25% increase wk/wk and was up 4% from the same week last year. The data had total pork commitments for 2023 tat 1.177 MMT, leading last year’s pace by 9%.
The pork cutout futures are currently down 85 cents to $1.65 for Thursday. The National Pork Carcass Cutout Value was $8.11 higher as bellies rallied $39.76. USDA estimated FI hog slaughter at 1.350 million head for the week through Wednesday. That is 70k head below last week’s pace and is 57k lighter yr/yr.
Oct 23 Hogs are at $81.250, down $0.325,
Dec 23 Hogs are at $74.075, down $0.950
Oct 23 Pork Cutout is at $91.400, down $0.850,
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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