Lean hogs settled mostly higher on Thursday, amid some likely short covering/profit taking moves. October is in negative territory by 22 cents, but the front three delivery contracts were up 5 to 77 cents. July saw the big bump, but it was still an inside day (range within that of the previous day). The CME Lean Hog Index was up 13 cents on June 4 at $92.06. USDA put the National Base Hog average price at $86.23, down $2.49 from the previous day on very limited volume.
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 38 cents at $100.69/cwt in the PM report. Pork bellies are up $11 in two days, offsetting the single day $10.31 loss USDA reported on June 4. USDA estimated federally inspected hog slaughter at 470,000 head on Thursday, with the WTD total at 1.916 million head. That compares to 1.852 million head a year ago.
Jun 24 Hogs closed at $92.150, up $0.050,
Jul 24 Hogs closed at $92.975, up $0.775
Aug 24 Hogs closed at $91.675, up $0.050,
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