Lean hog futures closed out the Tuesday session with contracts down 47 to 95 cents. August was the exception, up a tick. The USDA National Base Hog price reported at $89.21 on Tuesday afternoon, up $2.57 from the previous day. The CME Lean Hog Index was down another 42 cents at $89.90 on June 21. Typical seasonal strength has not been there this spring.
USDA quarterly Hogs & Pigs data will be released on Thursday afternoon. Trade estimates are looking for all hogs on June 1 to be up 0.8% from a year ago. That is seen from the marketing numbers, expected 1.2% higher, with breeding inventories down 2.7% according to a Reuters survey of analysts. Higher numbers of pigs per litter have partially offset lower sow numbers in recent reports.Â
The monthly USDA Cold Storage update indicated 481.89 million lbs of pork in commercial coolers at the end of May. That was a sharp decline of 9.38% from last year, and was 3.49% below April on a seasonal decline.
USDA’s Pork Cutout Value was reported back lower in the Tuesday PM print, as the flip/flop continued, down $2.52 to $95.31. The belly primal has some impact, down $9.21, as just the butt was reported higher. USDA estimated Tuesday’s FI hog slaughter at 481,000 head, taking the WTD total to 944,000 head. That is up 3,000 head from a week ago and 39,239 head higher vs. the same week a year ago.
Jul 24 Hogs  closed at $89.000, down $0.950,
Aug 24 Hogs  closed at $86.750, up $0.025
Oct 24 Hogs  closed at $73.600, down $0.475,
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.
/Super%20Micro%20Computer%20Inc%20logo%20on%20building-by%20Poetra_RH%20via%20Shutterstock.jpg)
