Lean hogs traded triple digits lower through the Thursday session. The board went home $2.72 to $4.65 lower in the front months. USDA’s National Average Afternoon Base Hog price was $1.63 weaker on Thursday to $120.82. The CME Lean Hog Index was $110.45 on 6/20 after a $1.29 boost.
USDA’s Cold Storage report showed 543.079m lbs of pork stocks were in the cooler as of May 31. Supply was up for the 5th consecutive month and a sharp 17.4% higher than May ’21’s 12-yr low. Pork stocks are still below pre-COVID levels.
Pork cutout futures closed $3.07 to $4.10 in the red as well. USDA’s National Pork Carcass Cutout Value was $1.38 weaker in the PM report at $109.77. USDA estimated FI hog slaughter at 1.851m head for the week through Thursday. That is down from 1.867m head last week and 1.886m head during the same week last year.
Jul 22 Hogs closed at $108.550, down $3.300,
Aug 22 Hogs closed at $103.675, down $4.650
Jul 22 Pork Cutout closed at $111.150, down $3.075,
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