Lean Hogs Touching Limit Down on Export Questions

Lean Hog futures are sharply lower, anywhere from $1.72 to limit down in July and August. Nearby June is only off 30 cents because it has to stick close to the CME Index ahead of expiration next week. The CME Lean Hog Index was down 11 cents from the previous day @ $80.56 on June 5. The USDA pork carcass cutout value was up $1.12 at $84.37 in the Friday morning FOB plant report. The national average base hog was down 78 cents on Friday, with a weighted average price of $74.80. Regional prices were not broken out due to confidentiality restrictions. Estimated FI hog slaughter WTD is 1.893 million head through Thursday, 107,000 head above the same week last year. Official April pork exports from Census showed 176,941 MT shipped out in April. That was down 4.1% from April 2018, with prices rising sharply in March and April. China shipments were up 16.4%, but actually smaller than suggested by the weekly FAS export sales numbers.

Jun 19 Hogs are at $79.050, down $0.325,

Jul 19 Hogs are at $83.350, down $3.000

Aug 19 Hogs are at $82.625, down $3.000

Market Commentary provided by:

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