Hogs Squeezing Out Higher Trade on Thursday
Lean hog futures are posting slight 7 to 35 cent gains on Thursday. The national average base hog price was reported at $76.31 on Thursday morning, up $1.43 from the afternoon prior. The CME Lean Hog Index was $84.22 on September 17, unchanged from the day prior.
Pork export sales during the week of September 12 totaled 28,957 MT, back down 2.6% from the week prior. Japan was the largest buyer of 7,900 MT, with 3,000 MT sold to China. Export shipments were at 31,350 MT in that week, a 6-week high. Mexico was the largest destination of 12,600 MT, with 4,600 MT headed to Japan.
USDA’s FOB plant pork cutout value was up $1.35 in the Thursday AM report at $95.76 per cwt. The picnic and loin were the only primals reported lower, with the belly leading the way to the upside, $5.35 higher. USDA estimated FI hog slaughter at 479,000 head for Wednesday, with the weekly total at 1.428 million head. That is down 25,000 head from the previous week and 31,564 head below the same week last year.
Oct 24 Hogs are at $82.125, up $0.075,
Dec 24 Hogs are at $74.200, up $0.325
Feb 25 Hogs is at $77.275, up $0.275,
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.