Hogs Up by Triple Digits

Triple digit gains in the front month lean hog futures had August at a $3.50+ gain earlier in the session. The front month futures have started coming back down but are still $1.30 to $2.95 higher. The CME Lean Hog index for July 7 was 55 cents lower to $45.35. The National Average Base Hog price for Thursday morning was back up by 30 cents to $29.23. USDA reported 31,474 MT of pork was sold on the week ending July 2. That was down 20% wk/wk but 180% above the same week last year. The weekly report also mentioned 33,532 MT of pork was shipped on the same week, which pushed accumulated shipments to over 1 MMT. The 2019 record export year took until October 10th to breach the 1 MMT threshold. Through July 2, China accounts for 41% of all pork shipped. Last year, the nation was the destination for 23% of pork shipments. USDA’s National Pork Carcass Cutout Value was up another $4.45 to $71.61. Ham primals jumped another $16.87 cwt. to $71.09. FI hog slaughter for the week through Wednesday is 1.388m head. That compares to 1.406m head last week and 1.442 million from the same week a year ago.

Aug 20 Hogs are at $50.900, up $2.950,

Oct 20 Hogs are at $51.150, up $2.350

Dec 20 Hogs are at $52.850, up $1.550

--- provided by Brugler Marketing & Management

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