Lean Hogs Digesting Cold Storage Stocks

Lean Hog futures settled with 70 cent to $2.125 losses on Monday. China confirmed ASF cases on Hainan Island, which is more than 200 miles offshore and had been thought to be relatively safe. The CME Lean Hog Index was up another 39 cents from the previous day @ $81.02 on April 18. The USDA pork carcass cutout value was up 62 cents in the Monday afternoon report, at $87.86. The loin and belly primals were reported lower. The national average base hog was $79.89, down $1.05. Estimated FI hog slaughter for Monday was 324,000 head, as some plants experienced some down time. Frozen pork stocks at the end of March were reported by USDA at 610.129 million pounds. That is slightly lower than the same month last year and a drop of 0.9% from February. Weekly pork exports reported by FAS (typically less than half the total) were up 16% in March vs. the previous year. That helped draw down stocks despite higher production. Belly stocks were 58.788 million pounds.

--provided by Brugler Marketing & Management

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