
Lean Hog futures are falling 5 to 95 cents lower in the nearbys on Thursday. The national average base hog price was reported at $85.26 on Thursday morning, an increase of 96 cents from the previous day. The CME Lean Hog Index was reported at $90.24 on November 5, up 45 cents from the day prior.
Weekly Export Sales data indicated a net reduction go 14,675 MT of pork bookings in the week of October 31. Most of the net reductions were by Mexico at 7,700 MT, with China cancelling 5,000 MT, and Australia seeing net reductions of 1,200 MT. Export shipments were a 26-week high at 34,977 MT in that week. South Korea was the destination of 4,100 MT, with 3,100 MT shipped to Japan.
USDA’s FOB plant pork cutout value was back down $1.29 from the day prior in the Thursday AM report at $100.86 per cwt. The rib, ham, and belly primals were reported lower, with the latter the driver, down $10.47. USDA estimated the Wednesday FI hog slaughter at 488,000 head, with the weekly total at 1.465 million head. That is 1,000 head above the previous week but 1,861 head below the same week last year.
Dec 24 Hogs are at $81.175, down $0.950,
Feb 25 Hogs are at $85.025, down $0.125
Apr 25 Hogs is at $88.675, down $0.050,
On the date of publication, Austin Schroeder 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.