Hogs Continue their Bounce

Hog futures are up another triple digits through Thursday’s midday, extending the bounce from yesterday by another $0.40 to $1.60. The National Average Base Hog price was $2.66 weaker this morning to $101.58. CME’s Lean Hog Index for 5/3 was $101.04, down by 11 cents. 

USDA reported weekly pork export sales of 23,788 MT for the week that ended 4/28. That was down from 31.5k MT last week and from 48.2k MT during the same week last year. Pork export shipments were shown as 32,194 MT. That was up 7% on the week, but down 13% from the same week last year. Accumulated shipments were shown as 501,661 MT through 4/28. 

Pork cutout futures are 47 cents to $1.47 in the black so far. The May cutout is down by 97 cents to $107.47 on limited OI. USDA’s National Pork Carcass Cutout Value for Thursday morning was up $4.28 to $108.11. Bellies led the way with a $12.97 increase to $167.25. USDA estimated FI hog slaughter at 1.444m head for the week through Wednesday. That is up 2k head from last week’s pace. 

Jun 22 Hogs  are at $106.000, up $0.900,

Jul 22 Hogs  are at $108.150, up $1.100

Jun 22 Pork Cutout  is at $112.525, up $0.475,