Hogs Lower on Larger Projected 2019 Production

Lean Hog futures are down 5 cents to $1.725 in most contracts at midday. The CME Lean Hog Index was down 48 cents from the previous day @ $70.77 on July 9. The USDA pork carcass cutout value was down another $1.40 in the Thursday AM report at $70.20. The belly was the only primal reported higher, up 36 cents. The national average base hog price was up 31 cents on Thursday at $67.85. Estimated week to date FI hog slaughter was 1.435 million head. That was up 24,000 head from last week and 76,000 head larger than same week last year. The weekly Export Sales report showed just 11,253 MT of pork sales in the week of July 4, with 76 MT for China. Shipments were still decent, at 25,090 MT, with 7,953 MT headed to China. US pork production was raised 360 million lbs for 2019 by USDA estimates to 27.648 million lbs, with 140 million of that jump in the 4th quarter alone. Estimated production for 2020 was raised 185 million lbs to 28.41 billion.

JUL 19 Hogs are at $71.575, down $0.175,

AUG 19 Hogs are at $80.050, down $1.675

OCT 19 Hogs are at $72.250, down $1.000

--provided by Brugler Marketing & Management

Market Commentary provided by:

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