Lean Hogs Mixed Ahead of Export Sales Report

Lean Hog futures saw 47.5 cent to $2.125 gains in most contracts, with nearby June down $1.275 ahead of next Friday’s expiration. The CME Lean Hog Index was down 38 cents from the previous day @ $80.90 on June 3. The USDA pork carcass cutout value was down 58 cents at $83.07 on Wednesday afternoon. The national average base hog was up 31 cents on Wednesday, with a weighted average price of $76.34. Estimated FI hog slaughter WTD through Wednesday is 1.419 million head, 78,000 head above the same week last year. There is a threat of Mexican retaliatory tariffs on US goods should President Trump follow through with the 5% tariffs on Monday. Rumors regarding the Mexican response show a similar list to last year’s steel and aluminum tariff spat, which included pork and was just recently lifted.

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