Lean Hogs Balance Strong Exports & Record Production

Lean hog futures maintain the expanded limits of $4.50 for Friday, after closing limit down yesterday. The March 31 CME Lean Hog Index was 69 cents lower to $64.46. The 04/02 National Average Afternoon Base Hog price was $44.61, which was $3.76 lower. USDA’s weekly Export Sales report showed 38,152 MT of pork bookings for the week ending March 26. Of the week’s sales, 49.6% were to China. Monthly pork shipments were 658.2 million lbs in Feb. Each of the last 9 months were a respective monthly record, with December shipments the all-time high for any month. The Pork Carcass Cutout Value was $2.84 lower on Thursday at $59.21 cwt. USDA estimated FI hog slaughter for the week through Thursday at 1.948 million head. That was 42,000 head below last week’s pace.

--- provided by Brugler Marketing & Management

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