Lean hog futures are currently trading with contracts increasing by 87 cents to $1.12 at midday. On Thursday morning, the USDA did not report the national average base hog negotiated price, while the 5-day rolling average was recorded at $94.17. As of May 13, the CME Lean Hog Index rose by 46 cents to reach $90.77.

Export Activity Highlights

Pork export bookings reached 24,617 metric tons (MT) in the week ending May 8, marking an increase from the previous week. Mexico emerged as the leading buyer, purchasing 10,600 MT, while Japan imported 3,500 MT. Total exports amounted to 26,488 MT, the highest level seen in three weeks. This total included 12,000 MT sent to Mexico and 4,100 MT to Japan.

Pork Cutout Values and Slaughter Numbers

The USDA reported a $2.01 increase in the FOB plant pork cutout value on Thursday morning, bringing it to $99.15. Notably, while the loin, ham, and rib prices declined, the belly saw significant gains, soaring by $10.91. For hog slaughter, the USDA estimated 486,000 heads were processed on Wednesday, with a weekly total of 1.433 million heads. This figure was 5,000 heads lower than the previous week but up by 7,982 heads compared to the same week last year.

Current Hog Futures Prices

As of now, the futures prices for hogs are as follows:

• June 25 Hogs: $99.975, up $1.125
• July 25 Hogs: $103.325, up $0.875
• August 25 Hogs: $102.650, up $1.000

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.