Hogs Leak Lower on Thursday
Lean hogs posted mostly weaker action on Thursday, as contracts were down anywhere from a tick to 42 cents with the exception to July, up a nickel. USDA’s National Average Base Hog negotiated price was up 65 cents at $89.78 in the Thursday afternoon report. The CME Lean Hog Index was another 38 cents higher at $91.36 on April 16.
Pork export sales during the week that ended on April 11 were tallied at 21,830 MT, a MY low. Actual shipments were the second largest this MY at 41,720 MT, with 16,200 MT shipped to Mexico and 6,500 MT to Japan.
USDA’s National Pork Carcass Cutout Value was up 41 cents in the Thursday afternoon report, at $99.96. The belly led the charge higher with a $6.25 gain, though backing off from the noon print, as the picnic and butt were the only other primals to be reported higher. USDA estimated Thursday’s federally inspected hog slaughter at 486,000 head, bringing the weekly total to 1.94 million head. That is 28,000 head above last week and a 35,849 head increase from the same week last year.
May 24 Hogs closed at $94.725, down $0.200,
Jun 24 Hogs closed at $102.700, down $0.025
Jul 24 Hogs closed at $104.350, up $0.050,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.