Lean hog futures saw weakness on Thursday, with contracts down 47 cents to $1.40 in the nearbys and 7 to 32 cent gains in the back months. USDA’s national base hog price was reported at $89.74 on Thursday afternoon. The CME Lean Hog Index was 34 cents higher on March 3 at $90.18.
Export Sales data from USDA showed 36,103 MT of pork sold in the week of 2/26. That was back down 15.3% from the previous week. Mexico was the top buyer of 22,400 MT, with Japan in for 3,800 MT. Shipments were at 37,842 MT in that week, which was a drop of 7.9% wk/wk. The top destination was Mexico at 17,200 MT, with 5,100 MT to Japan.
USDA’s pork carcass cutout value from the Thursday PM report was up 60 cents at $99.22 per cwt. The rib and picnic primals were reported lower. USDA estimated Thursday’s federally inspected hog slaughter at 491,000 head, taking the total to 1.944 million head for the week. That is 7,000 head below last week and 132,550 head below the same week last year.
Apr 26 Hogs closed at $95.675, down $1.400,
May 26 Hogs closed at $100.525, down $1.200
Jun 26 Hogs closed at $109.900, down $1.300,
On the date of publication, Austin Schroeder 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.
More news from Barchart
