Hogs Rallying on Thursday
Lean hogs are posting a $1.02 to $1.45 rally in the front months on Thursday. USDA’s National Average Base Hog negotiated price was up 40 cents on Thursday AM at 89.36. The CME Lean Hog Index was back up 47 cents on May 14 at $91.76.
Pork sales in the week of May 9 totaled 21,105 MT according to FAS Export Sales data. That was the lowest total since last July. Export shipments were pegged at 33,160 MT for that same week, an 8-week low.
USDA’s National Pork Carcass Cutout Value was back down 76 cents in the Thursday morning report at $100.94. The picnic, belly, ham, and rib primals were in a range of $1.13 to $3.96 lower, with the rest of the primals reported higher. USDA estimated Wednesday’s federally inspected hog slaughter at 480,000 head, taking the week to date total to 1.421 million head. That is 15,000 head below last week but 18,978 head above the same week last year.
Jun 24 Hogs are at $98.800, up $1.300,
Jul 24 Hogs are at $102.025, up $1.150
Aug 24 Hogs is at $101.050, up $1.025,
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.
