Hogs Fall on Thursday
Lean hog futures failed to hold the strength on Thursday, with contracts down 7 cents in the soon to expire Feb and $1 to $1.30 in other nearbys. The CME Lean Hog Index was up another 89 cents on February 11 at $87.08. The national average base hog negotiated price was reported at $90.75 on Thursday afternoon, up $1.05 from the previous day.
Pork export sales totaled 24,947 MT in the week of 2/6, back down by nearly half from last week. Sales to Japan were 6,200 MT, with 5,000 MT sold to Mexico and 3,600 MT o South Korea. Export shipments totaled 31,045 MT. Mexico was destinated for 12,000 MT, with 4,000 MT to South Korea.
The daily FOB plant pork cutout value from the USDA was back up $2.24 in the Thursday PM report at $100.87 per cwt. The picnic primal was the only reported lower, with the other primals up in a range of $2.42 to $3.75. USDA’s Federally inspected hog slaughter for Thursday was estimated at 487,000 head, taking the weekly total to 1.959 million head. That was 14,000 head above last week and 16,234 head above the same week last year.
Feb 25 Hogs closed at $89.375, down $0.075,
Apr 25 Hogs closed at $93.100, down $1.225
May 25 Hogs closed at $97.050, down $1.000,
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.