Hogs Mostly Higher on Thursday

Lean Hog futures were steady to $1.325 higher in most contracts on Thursday, with Oct down $1.525. Cash is still falling and showing a ~$5 discount. The CME Lean Hog Index was down another 73 cents at $56.76 on September 17. The USDA pork carcass cutout value FOB plant was up 91 cents from yesterday at $69.02. The national average base hog value was down 25 cents at $44.48 on Thursday. Estimated week to date FI hog slaughter was 1.951 million head through Thursday. That was well above the same week in 2018 and 8,000 head above last week. USDA reported weekly pork export sales for the week ending September 12 totaled 14,200 MT, down 35% from the previous week. Traders had been hoping to see Chinese business, given their activity in soybeans, but nothing showed up. South Korea was the largest buyer at 3,000 MT. China did continue to ship previously purchased pork, with 5,900 MT loaded out for the week. Total shipments were at 24,278 MT.

OCT 19 Hogs closed at $61.400, down $1.525,

DEC 19 Hogs closed at $67.950, up $0.150

FEB 20 Hogs closed at $75.050, up $0.225

-- provided by Brugler Marketing & Management

Market Commentary provided by:

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