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Hogs Down for Thursdays Midday

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Front month lean hog futures are trading with limit losses in May and June contracts. April futures are $2.42 lower so far. The 03/24 CME Lean Hog Index was $1.14 stronger to $65.12. The National Average Morning Base Hog price was up 16 cents to $59.17. Pork sales from the week ending 03/19 were 38,583 MT which was a 5-week high and 47.6% above sales from the same week last year. Of the week’s export sales, 24.6% were to China. Pork exports on the week were the highest since the week ending 11/14 with 48,559 MT shipped. YTD shipments are 481,594 MT which is 82.9% above last year’s pace. China has been the destination for 38.3% of the year’s exports. USDA’s Hogs and Pigs report will be released at 2pm CDT today. Traders are expecting the March 1 herd to be 77.162 million head (3.4% higher yr/yr). Traders anticipate the pig crop to be up 3.5% yr/yr and to have 1.1% more sows farrowing. USDA’s Pork Carcass Cutout value was $0.71 lower to $77.75 in the morning report. Estimated FI hog slaughter is 1.493 million head on the week through Wednesday. That is even with last week’s pace.

Apr 20 Hogs are at $63.425, down $2.425,

May 20 Hogs are at $62.125, down $3.000

Jun 20 Hogs are at $68.750, down $3.000

--- provided by Brugler Marketing & Management

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