Lean hog futures are facing weakness on Thursday, as contracts are down 42 cents to $1.25 at midday. The USDA National Base Hog price was reported at $84.84 in the Thursday AM print, down $1.08 from the Wednesday afternoon report. The CME Lean Hog Index was $93.10 on August 6, down 23 cents from the previous day.
Export Sales data showed bookings of 34,569 MT for the 2024 calendar year in the week of August 1, a 5-week high. Shipments totaled 33,175 MT, the largest since the last week of May.
USDA’s FOB plant pork cutout value was down 61 cents in the Thursday morning quote, at $98.35 per cwt. The butt (-$2.33), rib (-$2.75) and belly (-$5.22) were all drivers to the downside. USDA estimated the Wednesday FI hog slaughter at 481,000 head, with this weeks at total 1.374 million head. That is down 61,000 head from last week and 13,314 head above the same week a year ago.
Aug 24 Hogs are at $90.175, down $0.425,
Oct 24 Hogs are at $73.625, down $0.950
Dec 24 Hogs is at $65.825, down $1.250,
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