Lean Hog Futures Dip as Pork Exports Slow
Lean hog futures ended Thursday’s trading session slightly lower at $1.52. The national average base hog price reported on Thursday afternoon was $75.25, marking a decrease of $2.59 from the previous day. Additionally, the CME Lean Hog Index rose to $84.66 on October 22, up 32 cents from the day before.
Pork export bookings for the week ending October 17 hit a seven-week low for 2024, totaling 22,223 metric tons (MT). A significant portion of this went to Mexico, which purchased 17,000 MT, while China bought 8,800 MT and Australia received 4,700 MT. There were also 1,035 MT designated for 2025 shipments. Overall, exports amounted to 32,057 MT, showing a decline from the previous week. Mexico led as the main destination with 11,900 MT, followed by 4,500 MT to China.
The USDA reported the FOB plant pork cutout value at $98.15 per cwt in its Thursday PM update, which is a decrease of 7 cents from the day earlier. Values for the butt and belly cuts were lower as well, particularly the belly which fell by $3.55. The USDA’s estimated hog slaughter for Thursday was 487,000 head, bringing this week’s total to 1.952 million head. This figure is 20,000 head higher than last week and 14,142 head more than the same week last year.
Dec 24 Hogs closed at $78.650, a decline of $1.525.
Feb 25 Hogs closed at $82.800, down $0.600.
Apr 25 Hogs closed at $86.250, a drop of $0.275.
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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
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