Lean hog futures are trading $0.77 to $3.70 lower through Thursday’s midday. October is the weakest. The USDA’s National Average Base Hog price was $119.12 this morning after a $9.75 drop. The CME Lean Hog Index from 8/16 was 54 cents weaker to $120.62.
Pork export sales from the week that ended 8/11 were 13,582 MT. That was down after 4 consecutive +20k MT sales weeks and was 32% below the same week last year. Mexico was the top buyer for the week. Weekly shipments were 25,600 MT for a MYTD total of 926,784.
China reported their July pork imports at 120k MT – compared to 304k MT in July ’21.
Front month pork cutout futures are also giving back $1.15 to $3.62. USDA’s National Pork Carcass Cutout value was up by a nickel in the Thursday AM report to $118.52. USDA’s FI hog slaughter estimate for the week through Wednesday was 1.396 million head. That was 10,000 head below last week and 23,000 head fewer vs. the same week last year.
Oct 22 Hogs are at $94.450, down $3.600,
Dec 22 Hogs are at $86.200, down $2.225
Dec 22 Pork Cutout is at $96.725, down $1.900,
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