Lean hogs were under heavy sell pressure on Wednesday, but futures are showing gains of 2 to 65 cents at midday on Thursday, with July the strongest. October is in negative territory. June prices are constrained by the CME Index as we get closer to expiration and are about a buck above the index. The CME Lean Hog Index was up 20 cents on June 3 at $91.93.
Weekly US pork Export Sales totaled 29,900 MT for the week ending May 30. That was down 33% from last week’s surge, but still running about 3% ahead of the average for the previous 4 weeks. China and Mexico were the largest buyers.
Census official pork exports for April 2024 were released this morning, with 233,000 MT shipped vs.219,000 MT in March and 204,000 MT in April 2023.
USDA’s National Pork Carcass Cutout Value was up 66 cents at $100.97/cwt in the morning FOB plant report (LM_PK600). All of the pork primals were higher except for the loins. USDA estimated federally inspected hog slaughter at 482,000 head on Wednesday, with the WTD total at 1.446 million head. That compares to 1.394 million head a year ago.
Jun 24 Hogs are at $92.100, up $0.000,
Jul 24 Hogs are at $92.900, up $0.700
Aug 24 Hogs is at $91.675, up $0.050,
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