Lean hogs are trading lower with the majority of ag futures on Thursday. Triple digit losses in the front months are at least $1.55, while the October contract is lock-limit lower so far. USDA’s National Average Base Hog price was withheld for confidentiality on Thursday morning, from $79.27 yesterday. The 9/18 CME Lean Hog Index dropped by another 23 cents to $86.58.
USDA’s weekly Export Sales report had pork bookings at 30,210 MT for the week that ended 9/14. That was a 31% increase for the week and was up 4% from the same week last year. Mexico was the top buyer for the week with 13k MT. The weekly update also had 25.5k MT of pork shipments for the week. That was up 23% wk/wk but down 3.4% yr/yr. That had the total shipments at 1.12 MMT for the year, leading last year’s pace by 7%.
Pork cutout futures are mixed, with sharp losses in the 2023 contracts. The ’24 futures are up by triple digits in low volume and OI conditions. USDA’s National Pork Carcass Cutout Value dropped 4 cents in the AM update to $99.18. The primals were mixed. USDA estimated FI hog slaughter for the week at 1.454m head. That is down 4k head from the same week last year through Wednesday.
Oct 23 Hogs are at $83.350, down $2.425,
Dec 23 Hogs are at $74.475, down $3.750
Oct 23 Pork Cutout is at $94.000, down $2.550,
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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