Hogs Bouncing into the Weekend
Lean hog futures are reversing Thursday’s course, with gains of 17 to 60 cents in the nearbys on Friday. The USDA National Base Hog price reported at $86.46 on Friday morning, down 81 cents from the previous day. The CME Lean Hog Index was back down 17 cents at $90.55 on June 19. Typical seasonal strength has been muted or just downright missing this spring.
All pork export bookings totaled 21,448 MT during the week ending on June 13, a 5-week low. Actual shipments were tallied at 28,969 MT, dropping to the second lowest this MY.
USDA’s Pork Cutout Value was back higher in the Friday AM print, up $3.15 to $101. The rib and belly were the only primals reported lower. The loin (+$8) and butt (+$8.73) were the leaders to the upside, with the ham and picnic following. USDA estimated Thursday’s FI hog slaughter at 480,000 head, with the 3-day total this week at 1.905. That is up 19,000 head from a week ago and 67,210 head higher vs. the same week a year ago.
Jul 24 Hogs are at $91.750, up $0.600,
Aug 24 Hogs are at $89.300, up $0.175
Oct 24 Hogs is at $76.400, unch,
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.
