Hog Market Continuing Lower

Through Friday’s midday lean hog futures are 15 cents to $1.07 in the red. July already has a near $3 range after spending the early portion of the day on both sides of UNCH. June hogs are holding on to a 37 cent midday gain. USDA’s National Average Base Hog price was down by another $1.21 this morning to $112.64. CME’s 5/31 Lean Hog Index was $104.91 after a 24 cent dip.  

Pork export sales from the week of 5/26 were 31,900 MT. That was down from last week, but still up 15% from the 4-week average. Mexico was the week’s top buyer with 13k MT. USDA also reported 31,200 MT of pork exports from the week, with Mexico as the top destination. 

Front month pork cutout futures are trading with midday losses of 40 cents to $1.42. USDA reported Friday morning’s National Pork Carcass Cutout value at $115.40 after a $3.38 boost. Bellies were $11.64 stronger. USDA’s FI hog slaughter was estimated as 1.421m head for the week through Thursday. That compares to 1.318m head during the same week last year. 

Jun 22 Hogs  are at $110.375, up $0.325,

Jul 22 Hogs  are at $111.250, down $0.925

Jun 22 Pork Cutout  is at $114.100, down $0.400,