The May and July hog contracts were triple digits weaker at the close on Thursday. The other front months were also red, going home down by 35 to 95 cents. USDA quoted the National Average Base Hog price 56 cents weaker to $73.33. CME’s Lean Hog Index for 5/02 was $73.78, up by 76 cents.
Smithfield is planning to close 37 sow farms in Putnam and Mercer counties (Missouri) due to difficult market conditions, according to social media citing owner WH Group.
USDA reported 48,994 MT of pork was sold for export during the week that ended 4/27. That was 9% below last week, but was more than double the same week last year. Both Mexico and China booked +14k MT on the week. Pork exports were the most since the week of 5/20 in 2021 at 38.5k MT. That brought the full year total to 535,715 MT compares to 502k MT last year.
The monthly Census data showed 608.1m lbs of pork was exported during March. That was 20.6% above February and was up 11.8% from March ’22. The season’s 1.668b lb total is 8.3% above last year’s pace.
Pork cutout futures settled with $0.67 to $1.75 losses. USDA’s National Pork Carcass Cutout Value was reported 5 cents higher at $80.12. USDA estimates FI hog slaughter at 1.857m head for the week through Thursday. That is 33k below last week and is 57k head below the same week last year.
May 23 Hogs closed at $77.075, down $1.075,
Jun 23 Hogs closed at $87.150, down $0.850
May 23 Pork Cutout closed at $82.350, down $1.075,
