Through midday, lean hog futures are trading 10 cents to 90 cents in the black. USDA’s National Average Base Hog price was $114.11 this morning after recovering $2.50. WCB hog prices were quoted at $120.16. The May 3rd CME Lean Hog Index was $107.37, up by 27 cents.
Official Census data showed March pork exports were a new record of 728.8m lbs. The previous record was 680.8m lbs in December 2019. China was the top destination with 170.9m lbs, though March pork shipments to China were down 19.4m lbs yr/yr.
Pork cutout futures are mixed with a 60 cent gain in June and a 35 cent drop in August. USDA’s National Pork Carcass Cutout Value was up by $3.11 in the AM report, led by a $17.21 increase to bellies and a $7.97 higher rib value. USDA estimated Tuesday’s FI hog slaughter at 487k head, setting the week’s total at 965k head.
May 21 Hogs are at $111.350, up $0.200,
Jul 21 Hogs are at $114.225, up $0.800
Jun 21 Pork Cutout is at $119.750, up $0.600,
<p>Market Commentary provided by:<br /> <img src="https://s3.amazonaws.com/images1.aws.barchart.com/logos/bruglerlogo.gif" border="0" /><br /> Brugler Marketing & Management LLC<br /> 1908 N. 203rd St.Omaha, NE 68022<br /> Phone: 402-697-3623<br /> Fax: 402-289-2353<br /> E-mail: <a href="mailto:alanb@bruglermktg.com">alanb@bruglermktg.com</a><br /> Web: <a href="http://bruglermarketing.com/">http://bruglermarketing.com</a></p>
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