Hogs Touching Limit Losses

Lean hog futures continue to fall, with the Jun contracts already at the expanded limit threshold. April is $2.65 lower so far. The April 1 CME Lean Hog Index was another $1.38 lower to $63.08, nearly $20 premium to April futures with just 10 trade session until expiration. The 04/03 National Average Morning Base Hog price was $42.83, which was down by $1.75. 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. China was again the top destination for the monthly pork exports, with 192.5 million lbs. Pork exports to Japan were up 12% from their January numbers. The Pork Carcass Cutout Value was back up by $1.51 to $60.72 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.

Apr 20 Hogs are at $42.050, down $2.650,

May 20 Hogs are at $41.775, down $3.700

Jun 20 Hogs are at $48.325, down $4.500

--- provided by Brugler Marketing & Management

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