Lean hog futures bulls still can’t find their footing. Prices were down $.27 to $1.35 on Thursday. Nearby June was helped by convergence heading into expiration. The CME Lean Hog Index was up 6 cents at $91.38 on June 11. USDA showed the National Base Hog weighted average price at $86.87 on Thursday, down 72 cents from the previous day.
This morning’s Export Sales report showed 30,122 MT of pork in the week ending on June 6, up from the week prior. Exports were tallied at 32,797 MT, a 12-week low.
USDA’s Estimated Primal Cutout Value was lower in the Thursday pm report, down $1.99 to $97.02. The rib and picnic were the only primals reported higher. USDA estimated Wednesday FI hog slaughter at 475,000 head, bringing the week to date total to 1.890 million head. That is down 26,000 head from a week ago but up more than 40 thousand from a year ago.
Jun 24 Hogs closed at $91.750, down $0.275,
Jul 24 Hogs closed at $92.775, down $0.925
Aug 24 Hogs closed at $88.600, down $1.350,
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