Triple Digit Gains in Lean Hogs

Lean hog futures closed with $0.45 to $1.70 gains. For the July contract that was just 35 cents off the days high during a $1.78 ranged day. USDA’s National Average Afternoon Base Hog price for Thursday was $117.34, back down by $2.52. The 6/14 CME Lean Hog Index was 44 cents higher to $108.57.  

Export Sales data showed 27,581 MT of pork was booked during the week of 6/9. That was up 65% wk/wk, but still down 1% from the 4-wk average and 6% below sales from the same week last year. Mexico was the week’s top buyer with over half the total. Accumulated pork shipments reached 682k MT, which still trails last season’s record by 24%. 

Pork cutout futures ended the day with $0.47 to $1.62 gains. USDA’s National Pork Carcass Cutout Value was up by $5.57 in the PM update to $111.36. All of the primal cuts were higher. USDA estimates FI hog slaughter for the week at 1.867m head through Thursday. That compares to 1.907m head last week and 1.918m head during the same week last year. 

Jul 22 Hogs  closed at $109.575, up $1.300,

Aug 22 Hogs  closed at $106.025, up $1.700

Jul 22 Pork Cutout  closed at $113.700, up $0.725,