Hogs Close Monday Mixed
Alan Brugler - Barchart - Mon May 17, 9:36PM UTC
Monday lean hog trading left the board mixed but mostly lower. August and October contracts closed 55 and 25 cents higher respectively, though the rest of the market was 5 to 37 cents lower. USDA’s National Average Base Hog price for Monday was down another $2.15 to $110.10. The May 13th CME Lean Hog Index was down by a penny at $110.93.
As the USJTA reached year 3, the pork meat tariff was reduced to 1.4%, compared to the 4.3% MFN rate. Japan is the 2nd/3rd largest market for U.S pork exports, having imported 329m lbs YTD through March (3rd most), and 1.2 billion lbs in 2020 (2nd to China).
Pork cutout futures also closed mixed, as June was down by 15 cents, though the rest of the market was 65 to 90 cents higher. USDA’s National Pork Carcass Cutout Value was $116.57 in the PM update, up by 87 cents. The CME Fresh Bacon Index was reported at $210.67 for the week of 5/14. USDA estimates federally inspected hog slaughter at 478,000 head for Monday. That compares to 483,000 last Monday.
Jun 21 Hogs closed at $108.650, down $0.075,
Aug 21 Hogs closed at $105.325, up $0.550
Jun 21 Pork Cutout closed at $115.100, down $0.150,
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