Lean hog futures ended the Thursday session with $0.37 to $1.92 gains. October led the way wand expanded the premium to Dec to $8.57. USDA’s National Average Base Hog price was 77 cents weaker on Thursday afternoon to $87.65. CME’s Lean Hog Index fell another 67 cents on 8/22 to $97.37.
StatsCan reported July hog inventory at 13.775m head. That was down 0.97% from July ’22 and down from 13.92m head in Jan. The Canadian sow herd was 1.227m head, their lowest reported count since July ’19.
The FAS data had 33k MT of pork sold for export during the week that ended 8/17. That was a 16 week high led by sales to Mexico. The week’s shipment was reported at 25.2k MT, again with Mexico as the top destination. Total pork commitments were marked at 1.238 MMT, or 12% ahead of last year’s pace.
Pork cutout futures closed up by $0.50 to $1.35, also led by the October contract. USDA’s National Pork Carcass Cutout Value was up $4.13 on Thursday afternoon to $104.92. USDA estimates the week’s FI hog slaughter at 1.882m head, compared to 1.884m last week and 1.926m head during the same week last year.
Oct 23 Hogs closed at $80.475, up $1.925,
Dec 23 Hogs closed at $71.900, up $0.850
Oct 23 Pork Cutout closed at $92.025, up $1.350,
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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