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Hogs Come Back Finish Higher

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After trading the early portion of the session in the red, lean hog futures rallied back to the black closing higher on the day. July hogs were down by 7 cents at the closing bell, they expire on the 15th. The other front month futures gained 7 to 45 cents. The CME Lean Hog index for June 30 was 4 cents stronger at $45.28, a positive basis. The National Average Base Hog price was $28.66 yesterday, up by another 20 cents. The weekly Export Sales report from USDA showed pork bookings on the week ending June 25 at 39,151 MT. That was a 9-week high and up 66.5% yr/yr. Of the week’s pork sales, 55% were to China. China was the destination for 38% of the week’s pork shipments, bringing their YTD total to 401,1665 MT via the less comprehensive weekly report. Official export data for pork is 3.282b lbs through May, after Census reported the largest May on record of 617.8m lbs. That was down 4% from April, but the 12th consecutive monthly record. USDA’s National Pork Carcass Cutout Value was $66.46 on Thursday afternoon. USDA estimated the week’s FI hog slaughter through Thursday at 1.867 million head. That is 21k head more wk/wk, but noncomparable to last year due to the holiday.

Jul 20 Hogs are at $44.725, down $0.075,

Aug 20 Hogs are at $49.200, up $0.125

Oct 20 Hogs are at $48.350, up $0.075

--- provided by Brugler Marketing & Management

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