HomeMost Popular The Pork Plunge: Hog Market Trends Downward by Thursday Close

The Pork Plunge: Hog Market Trends Downward by Thursday Close

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A Downturn of Lean Hog Futures

Lean hog futures are currently down by $0.65 to $1.75. As a result, April is facing a decline of $2.27 for the week. On Thursday morning, the USDA’s National Average Base Hog price was 12c weaker, standing at $80.85. Meanwhile, the CME Lean Hog Index was reported at $82.82 on 3/18, showing a gain of 28 cents.

Export Sales and Shipments Insights

The weekly Export Sales data reflected 33.8k MT of pork sold for export during the week ending 3/14. This marked a 9k MT increase from the previous week but a 10% decrease compared to the same week last year. Shipments stood at 32k MT, with accumulated exports totaling 355k MT.

USDA’s Pork Carcass Cutout Value and Hog Slaughter Rates

The USDA’s National Pork Carcass Cutout Value saw a decline to $90.51 on Thursday morning, down by $1.67. The week’s FI hog slaughter was estimated at 1.462m head through Wednesday. This figure is higher than the 1.425m head from the previous week and exceeds the 1.431m head recorded during the same week last year.

Current Market Figures

April 2024 Hogs are priced at $84.650, experiencing a $0.650 decrease. May 2024 Hogs are listed at $89.875, showing a decline of $1.100.

April 2024 Pork Cutout stands at $92.525, reflecting a decrease of $1.125.

At the time of publication, Alan Brugler did not hold any positions related to the securities mentioned in this article. The information provided is solely for informational purposes. For more details, refer to the Barchart Disclosure Policy.

The expressed viewpoints in this article are those of the author and do not necessarily align with Nasdaq, Inc.’s perspectives and opinions.

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