Hogs Face Pressure into the Long Weekend

Lean hog futures were 20 to 77 cents higher on Thursday, as April slipped 42 cents this week. USDA’s national base hog price was reported at $90.35 on Thursday afternoon, up 18 cents from the day prior. The CME Lean Hog Index was down another 4 cents on March 31 at $90.41. The market is closed on Friday in observance of Good Friday. 

USDA’s Export Sales report indicated 53,049 MT of pork sold in the week of 3/26, the largest for the calendar year. Mexico was the buyer of 39,100 MT, with 3,300 MT sold to Japan. Shipments were 39,758 MT in that week, a 5-week high. The top destination was Mexico at 17,500 MT, with 5,200 MT headed to Japan.
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Monthly trade data from Census converted to a carcass basis showed pork exports at 574.24 million lbs. That was the 4^th largest on record for February and down 2.7% from January.

USDA’s pork carcass cutout value from the Thursday PM report was up $1.61 at $97.19 per cwt. The rib and picnic primals were the only reported lower. USDA estimated Thursday’s federally inspected hog slaughter at 493,000 head, with the week to date total at 1.965 million head. That is 11,000 head below last week and 52,761 head larger than the same week last year.

Apr 26 Hogs  closed at $90.350, down $0.575,

May 26 Hogs  closed at $96.000, down $0.775

Jun 26 Hogs  closed at $104.475, down $0.700,

On the date of publication,

Austin Schroeder

Check SleepLean Official Website

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.

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