Lean Hogs Stronger

Hogs were up by as much as $2.27 at the closing bell on Thursday. August was up the most. The CME Lean Hog index for July 7 was 55 cents lower to $45.35. The National Average Afternoon Base Hog price was back above $30 after a $1.09 increase, at $30.02. The WCB wtd average price was $30.44 this afternoon. USDA reported 31,474 MT of export 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, they accounted for 23%. USDA’s National Pork Carcass Cutout Value fell by 4 cents to $67.12. The afternoon primals were mixed. USDA’s estimate for WTD FI hog slaughter through Thursday is 1.857 head. That compares to 1.867m head last week and 1.902 million from the same week a year ago.

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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