Hogs Mixed at Midday
Lean hogs are showing strength in the front month July contracts, up 40 cents, with the rest of the front months down 50 to 80 cents. The USDA National Base Hog price was reported at $89.48 on Friday morning, down 72 cents from the previous day. Futures are now below the cash, but not the CME Lean Hog Index at $89.45, back up 14 cents on July 2.
Pork export sales in the week ending on June 27 totaled 59,083 MT, the largest weekly sale since March 2021. Export shipments were 30,015 MT, a 3-week high.
USDA reported the Friday AM Pork Cutout Value back up a sharp $3.22 at $96.85. The rib was the only primal reported lower, with the butt up $12.96 and belly $10.24 higher. USDA estimated Wednesday’s FI hog slaughter at 479,000 head, taking the weekly total to 1.427 million head. That is up 17,000 head from a week ago and well above the same week last year as the holiday fell earlier in the week.
Jul 24 Hogs are at $90.150, up $0.400,
Aug 24 Hogs are at $89.425, down $0.400
Oct 24 Hogs is at $73.450, down $0.725,
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.
