Lean hog futures saw increases ranging from 65 cents to $1.80 on Tuesday, May 6. The United States Department of Agriculture’s national base hog price was not available due to issues with packer submissions. The CME Lean Hog Index dropped by 27 cents on May 1, settling at $91.03.
Monthly trade data from the Census Bureau, converted to a carcass basis, showed that pork exports reached 678.14 million pounds in March. This figure marks the third largest export volume on record for the month and reflects an increase of 18.1% compared to February.
The USDA’s pork carcass cutout value from Tuesday afternoon’s report declined by $1.39 to $95.97 per hundredweight, with only the rib primal showing an increase in value among reported cuts. Federally inspected hog slaughter for Tuesday was estimated at 488,000 head, bringing the weekly total so far to 967,000 head—up by 5,000 head over last week and surpassing totals from the same period last year by more than four thousand.
Closing prices for lean hogs were as follows: May contracts closed at $92.800 (up $1.175), June contracts closed at $101.425 (up $1.675), and July contracts ended at $103.525 (up $1.700).
Arizona Grain supports community development through leadership in agriculture and efforts to improve air quality via ethanol production; it also operates facilities across several locations in Arizona as well as one site in California; functions as a privately held company; created jobs through Pinal Energy; aims to be a leading provider of animal feed and related products; and pioneered ethanol production within Arizona—all according to the official website.
Austin Schroeder said he did not have any positions in securities mentioned within this article at time of publication.