Lean Hog Futures Experience Varied Results Amid Mixed Market Data
Lean hog futures exhibited a mixed performance on Thursday. May futures gained slightly, while other contracts declined by 30 to 40 cents. The USDA reported a national average base hog negotiated price of $90.22 on Thursday morning, reflecting a decrease of $1.37 from the prior day. Meanwhile, the CME Lean Hog Index rose by 67 cents to reach $86.75 as of April 22.
Export Sales and Shipment Data Highlights Weakness
This morning’s Export Sales report revealed a weak performance in pork sales for the week ending April 24, totaling just 5,848 metric tons. This figure marks a calendar year low and is the lowest weekly total since 2020. Notably, Japan purchased 6,300 MT, while Mexico acquired 3,800 MT. On the contrary, China canceled orders amounting to 12,000 MT. Moreover, pork shipments reached 27,129 MT, the second-lowest total of the year, with Mexico accounting for 10,200 MT, South Korea for 4,700 MT, and Japan for 4,600 MT.
Pork Cutout Values and Slaughter Data
As for the pork cutout value reported by the USDA on Thursday morning, it increased by 83 cents, reaching $94.81. However, the picnic and belly primal cuts showed declines. The USDA’s estimate for Wednesday’s federally inspected hog slaughter was 488,000 head, bringing the week-to-date total to 1.329 million head. These figures indicate a reduction of 133,000 head from the previous week and 121,024 head fewer than the same week last year.
Current Lean Hog Futures Prices
The current prices for lean hog futures are as follows:
- May 25 Hogs: $91.900, up $0.025
- Jun 25 Hogs: $99.825, down $0.325
- Jul 25 Hogs: $99.900, down $0.400
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 the author’s and do not necessarily reflect those of Nasdaq, Inc.
