Follow through strength on Thursday left front month hog futures another 35 to 92 cents stronger on the day. April leapt 50c at the open seeing the FAS data. Futures faded 60-70 cents from their highs for the close. USDA’s National Average Base Hog price weakened 87 cents to $67.34 in the PM report. The CME Lean Hog Index for 2/13 was $74.60, another 49 cents stronger.
USDA’s weekly Export Sales report showed a record* (not accounting for back-adjusted data or calendar year rollovers) for weekly pork bookings. Mexico booked 25k MT, China purchased nearly 20k MT, and Japan booked 9k MT contributing to a total 71,855 MT sold during the week that ended 2/8. Shipments were also a large 75.9k MT for the week. The year’s total export reached 225k MT through the first 6-weeks, which is 30% ahead of last year’s pace.
The Thursday afternoon National Pork Carcass Cutout quote was back up by $3.88 to $89.79. USDA’s estimate for FI hog slaughter was 1.955m head for the week through that is 2k but is up from 1.913m head during the same week last year.
April 24 Hogs closed at $85.000, up $0.470,
May 24 Hogs closed at $88.85, up $0.350,
April 24 Pork Cutout is at $91.425, UNCH,
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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