Lean hog futures slipped a dime to $1.15 in the front months, while other contracts rose 37 cents. USDA’s national base hog price was $95.29 on Thursday, 27 cents lower than the day before. The CME Lean Hog Index moved up 38 cents on June 23 to $91.85.
USDA’s Hogs and Pigs report showed June 1 hog inventory at 73.664 million head, down 0.04% YoY. Hogs earmarked for breeding fell 1.16% to 5.88 million head. Market hog inventory rose 0.05% to 67.784 million head, slightly below the 1.1% estimated by traders. The March–May pig crop was 33.521 million head, 0.2% higher. Farrowings in that period declined 1.02%. Farrowing intentions for the June–August window are projected at 2.9 million head, a drop of 2.19% from last year.
Export sales data from USDA indicated pork shipments of 26,229 metric tons during the week ending June 18, a three‑week high, with total shipments rising to 32,007 metric tons, up from last week’s calendar‑year low.
Cold Storage data placed pork stocks at 451.92 million pounds as of May 31, up 0.2% from April’s close and 0.26% higher year‑over‑year.
The USDA pork carcass cut‑out value increased by $1.35 in the Thursday PM report to $99.22. Only the picnic and rib primals declined. USDA estimated 479,000 hogs were slaughtered on Thursday, giving a weekly total of 1.887 million head, 11,000 higher than last week and 13,375 above the same week a year earlier.
Market close levels: July 26 – $92.700 (down $1.150); August 26 – $96.600 (down $0.100); October 26 – $80.950 (up $0.050).
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