Lean Hog futures saw triple digit losses in most contracts with soon to expire July (Monday) down 15 cents. 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. 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 up 57 cents in the Thursday PM report at $72.17. The belly was the only primal reported higher, up $7.17. The national average base hog price was up 28 cents on Thursday at $67.82. Estimated week to date FI hog slaughter was 1.914 million head through Thursday. That was 99,000 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.
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JUL 19 Hogs closed at $71.600, down $0.150, |
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AUG 19 Hogs closed at $79.175, down $2.550 |
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OCT 19 Hogs closed at $71.600, down $1.650 |
--provided by Brugler Marketing & Management
