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Lean hog futures keeping momentum going this Friday. Prices up 40-75 cents so far, and the CME Lean Hog Index hit $87.59 on the 18th, up 40 cents. USDA had the national base at $88.96 that morning.
What caught my eye though - pork sales this week hit 27,255 MT, which is a 5-week low. Export shipments came in at 35,653 MT, the lowest we've seen all year. Carcass cutout value dropped 39 cents to $95.89 per cwt, though rib and belly held up better than the rest.
Slaughter numbers for Thursday were 491,000 head, putting the weekly total at 1.918 million. That's 4,000 head below last week but still 5,161 short of the same period last year. Lean hog futures contracts showing some strength - April at $93.875 (up $0.425), May at $98.350 (up $0.60), and June at $107.925 (up $0.75).
Technically lean hog futures looking decent on the charts right now, but those export numbers are something to watch. Could be a signal about demand or just seasonal weakness. Either way, the price action suggests some bullish positioning still in play.