Red Thursday for Hog Futures
Lean hog futures pushed lower through the Thursday session, though closed ~40c off the day’s lows. June futures were down by $1.32, and back below the $100 mark on Thursday. USDA’s National Average Afternoon Base Hog price fell 94 cents on Thursday to $80.30. The CME Lean Hog Index for 3/19 was 39 cents stronger to $83.21.
The weekly Export Sales data had 33.8k MT of pork sold for export during the week that ended 3/14. That was up 9k MT from last week but was down 10% from the same week last year. Shipments were shown at 32k MT for an accumulated export of 355k MT.
USDA’s National Pork Carcass Cutout Value dropped by 10 cents on weaker ribs for the Thursday PM quote, now at $92.08. The week’s FI hog slaughter was estimated 1.952 million head through Thursday. That compares to 1.898m last week and 1.923 million during the same week last year.
Apr 24 Hogs closed at $84.900, down $0.400,
May 24 Hogs closed at $89.900, down $1.075
Apr 24 Pork Cutout closed at $92.425, down $0.100,
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.
