Lean Hogs Await Fresh Export Sales Data

Lean Hog futures finished the Wednesday session with the front months 60 cents to $2.40 higher. Technical buying was a feature as the market waited for the weekly USDA Export Sales report this morning and any news of additional Chinese cancellations or purchases. The cash market is still catching up with the recent sell off in the futures. The CME Lean Hog Index was down 49 cents from the previous day on August 5. The USDA pork carcass cutout value was down 33 cents on Wednesday afternoon at $88.40. The national average base hog value was down another $1.51 in the Wednesday PM report at $73.61. Estimated FI hog slaughter WTD through Wednesday was 1.376 million head, down 16,000 head from the previous week and 63,000 head above the same week a year ago. According to an industry group, Brazilian July pork exports hit 67,900 MTs, 0.4% below July 2018 but the highest of 2019 on Chinese demand. ---provided by Brugler Marketing & Management

Market Commentary provided by:

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