Lean Hog Market Bounced Triple Digits

Front month lean hog futures bounced back with triple digit gains on Thursday. Counter to that, June closed $0.62 higher and May closed 20 cents in the red. USDA’s National Average Base Hog price was $2.16 weaker to $102.57. CME’s 4/26 Lean Hog Index was 55 cents weaker to $102.34.  

USDA’s Export Sales report showed 31,480 MT of pork was sold during the week of 4/21. That was a 2-week high, led by sales to Mexico - @ 31% of the total. USDA also reported 29,863 MT of pork was shipped during the week, up 5.8% from last week, but under the 2nd most all time (discounting corrections and Government Shutdowns) 58,759 MT during the same week last year. Accumulated pork exports still trail last year’s pace by 27% with 469,467 MT shipped through 4/21. 

Pork cutout futures went home mixed on Thursday, as June was up by $1.0 and May was down by 87 cents. USDA’s National Pork Carcass Cutout Value was $104.49 in the PM report after dropping $1.02. USDA estimated FI hog slaughter at 1.903m head through Thursday. That compares to 1.928m head during the same week last year. 

May 22 Hogs  closed at $103.975, down $0.200,

Jun 22 Hogs  closed at $110.975, up $0.625

May 22 Pork Cutout  closed at $109.500, down $0.875,