Thursday’s lean hog futures board is down by 7 cents in May ’24, but $0.60 to $1.37 weaker in the other nearby contracts. The National Average Base Hog quote dropped 32 cents this morning to $80.17. CME’s Lean Hog Index for 8/29 was down by another $1.74 to $90.67.
The USDA FAS reported 36,878 MT of pork bookings for the week that ended 8/24. That was up 12% for the week as a 17-wk high and was more than double the same week last year. Mexico and China were the top buyers for the week. Weekly shipments were reported at 31,269 MT – an 8-wk high, bringing the total shipments for the year to 1.045 MMT. That is up 7% from last year’s pace.
Pork cutout futures are mixed with $2 swings across the front months. USDA’s National Pork Carcass Cutout Value was up 61 cents on Thursday morning to $92.73. USDA estimated the FI hog slaughter at 1.42m head for the week through Wednesday. That is up 9k from last week but 20k head lighter than the same week last year.
Oct 23 Hogs are at $82.225, down $1.375,
Dec 23 Hogs are at $74.150, down $0.950
Oct 23 Pork Cutout is at $93.775, down $0.750,
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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