Lean hog futures are back down 72 cents to $1.30 ahead of this afternoon’s Hogs & Pigs report. The USDA National Base Hog price was reported at $89.59 on Thursday morning, up 85 cents from the previous day. The CME Lean Hog Index was back up 7 cents at $89.92 on June 25.
Export Sales data showed pork bookings at 39,186 MT during the week of 6/20, a 4-week high. Mexico was a big part of the increase, with purchases of 20,200 MT, as 5,900 MT was sold to Japanese importers. Actual shipments were down to a calendar year low at 28,295 MT. Shipments of 11,300 MT were headed to Mexico, with 4,100 MT to Japan.
USDA quarterly Hogs & Pigs data will be released at 2 PM CDT. Trade estimates on average are looking for all hogs on June 1 to be up 0.8% from a year ago. That is seen from the marketing numbers, expected 1.2% higher, with breeding inventories down 2.7% according to a Reuters survey of analysts. Higher numbers of pigs per litter have partially offset lower sow numbers in recent reports.
USDA’s Pork Cutout Value was reported lower in the Thursday AM print, down $2.37 to $93.15. The ham was the only prial reported higher, up 69 cents, with the rib down $9.48 and belly $5.14 lower. USDA estimated Wednesday’s FI hog slaughter at 480,000 head, taking the WTD total to 1.424 million head. That is even with a week ago and 66,983 head higher vs. the same week a year ago.
Jul 24 Hogs are at $89.000, down $0.900,
Aug 24 Hogs are at $87.825, down $1.150
Oct 24 Hogs is at $74.650, down $0.725,
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