Hogs Close with Mixed Action
Lean hog futures closed mixed on Thursday, with most nearby contracts up 30 to 50 cents and June down a dime. USDA’s national average base hog negotiated price was reported at $92.39 on Thursday morning, a 61 cent dop from the day prior. The CME Lean Hog Index was up another 47 cents from the previous day at $89.25 on April 29.
Pork export sales bounced back in the week ending on April 24 to 34,529 MT, a 4-week high. Mexico was the buyer of 20,000 MT, with 3,500 MT to Japan. Shipments were tallied at 25,816 MT, which was the second lowest this year. The top destination was Mexico at 10,500 MT, with 4,700 MT to South Korea.
The Thursday afternoon pork cutout value was back down 15 cents at $96.46 according to the USDA. The rib, butt, and loin primals were reported lower. Thursday’s federally inspected hog slaughter from USDA was estimated at 483,000 head, taking the weekly total to 1.938 million head. That is up 150,000 head from the previous week and 23,810 head above the same week last year.
May 25 Hogs closed at $92.400, up $0.475,
Jun 25 Hogs closed at $98.175, down $0.100
Jul 25 Hogs closed at $98.925, up $0.325,
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.