Follow through strength on Thursday has the front month hog futures another 60 cents to $1.15 higher. USDA’s National Average Base Hog price was $2.29 stronger to $68.32. The CME Lean Hog Index back another 41 cents higher on 2/12 to $74.11.
USDA’s weekly Export Sales report showed a record* (not accounting for back-adjusted data or calendar year rollovers) for weekly pork bookings. Mexico booked 25k MT, China purchased nearly 20k MT, and Japan booked 9k MT contributing to a total 71,855 MT sold during the week that ended 2/8. Shipments were also a large 75.9k MT for the week. The year’s total export reached 225k MT through the first 6-weeks, which is 30% ahead of last year’s pace.
The Thursday morning National Pork Carcass Cutout quote was back up by $3.08 to $88.90. Federally Inspected hog slaughter was estimated at 489,000 head for Wednesday, bringing the weekly total to 1.466 million head. That is even with last week and is 25,830 head higher vs the same week last year.
April 24 Hogs is at $85.175, up $0.650,
May 24 Hogs is at $89.10, up $0.600
April 24 Pork Cutout is at $91.425, up $2.675,
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