Lean Hog Futures Fight Back

Lean hog futures rallied back in the afternoon, but it wasn’t enough to take back early losses, they finish the day down by as much as $2.50 in nearby contracts. Of the 465.0 Million lbs of September pork exports in the Census data, 14.53% went to China. China has received 539.806 million lbs of U.S. pork already this year, which is 37.84% higher than 2018’s entire yearly total, with 3 months to add more. We expect China to double 2018’s pork export total for 2019. China’s state owned COFCO has signed a deal to import $100 million worth of pork from Danish Crown by 2020. The Nov. 4 CME Lean Hog Index was lower by 52 cents, at $60.36. Wednesday’s pork carcass cutout value from USDA gained back $1.44, since being lower at midday. Ribs lost $2.17 on the day, but the other primal cuts were higher. The national average base hog price was 45.15 at the end of Wednesday’s session, after falling another $0.80. Wednesday’s week to date USDA estimated Hog slaughter was 1.474 million head, outpacing last week by 19,000 head.

DEC 19 Hogs closed at $64.775, down $2.500,

FEB 19 Hogs closed at $72.775, down $0.975

APR 20 Hogs closed at $79.375, down $0.600

--provided by Brugler Marketing & Management

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