Lean hog futures price action the past week has been sideways and choppy but the bears have the overall near-term technical advantage. The pork cutout value dropped $1.99 on Wednesday amid heavy losses in loins, picnics and hams. While the product market is struggling, the cash market continues to gradually firm, with the CME lean hog index up 4 cents to $79.93 (as of March 14). Lean hog futures have not been immune to the recent market turmoil.
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A rising U.S. dollar index and a volatile stock market have discouraged market participants from more risky, highly leveraged markets. Pork: Net US sales of 35,600 MT for 2023 were up 62 percent from the previous week, but down 5 percent from the prior 4-week average. Increases were primarily for Mexico (9,900 MT, including decreases of 300 MT), Japan (6,400 MT, including decreases of 200 MT), China (5,000 MT, including decreases of 100 MT), South Korea (4,100 MT, including decreases of 1,100 MT), and Canada (2,800 MT, including decreases of 400 MT). Exports of 29,800 MT were down 2 percent from the previous week and 1 percent from the prior 4-week average. The destinations were primarily to Mexico (13,500 MT), Japan (3,800 MT), China (3,500 MT), South Korea (2,700 MT), and Canada (1,600 MT). Reuters reports a surge in African swine fever infections in China is set to reduce hog output later this year, according to farm managers and analysts. The incurable disease has plagued ...
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