The 32 cent gain in April and the 30c loss in June has the spread tightening to $16.25 at midday as the futures work in both directions. USDA’s National Average Base Hog price for Thursday morning was $79.95, up by $1.57. The CME Lean Hog Index was back up by 20 cents on 3/11 to $81.61.
FAS data had 24,854 MT of pork sold for export during the week that ended 3/7. That was down from 36k MT the week prior. Pork shipments were listed at 34.5k MT for the week, bringing the yearly total to 323.7k MT. That remains 10% ahead of last year’s pace.
USDA’s AM National Pork Carcass Cutout Value was $1.73 stronger to $93.69. FI hog slaughter for the week was 1.432m head through Wednesday. That is 3,000 head behind last week’s pace and is down 20.5k head vs the same week last year.
April 24 Hogs are at $85.000, up $0.125,
May 24 Hogs are at $91.500, down $0.350
April 24 Pork Cutout is at $92.600, up $0.100,
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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