Lean Hogs Still Seeking Start of Typical Summer Rally

Lean Hog futures were down $1.22 to $2.72 on Friday. Long liquidation continued, with preliminary open interest dropping 1798 contracts. The CME Lean Hog Index was down 79 cents from the previous day @ $73.22 on July 2. The USDA pork carcass cutout value was up $1.69 @ $73.17 on Friday afternoon. The national average base hog price was down $1.32 on Friday afternoon at $65.82. Estimated weekly FI hog slaughter was 2.072 million head. That was up 87,000 head from same week last year. USDA showed 23,521 MT of pork sold for export in the week of 6/27. Shipments were at 27,009 MT, with 8,107 MT headed to China. Census trade data for May showed pork shipments at 511.437 million pounds, down 0.8% from last year’s May record and 2.5% lower than April. Exports to China were at a 3-year high 56.751 million lbs.

--provided by Brugler Marketing & Management

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