Lean hog futures leaned bearish going into the Hogs & Pigs report, settling 45 to 87 cents lower. The USDA National Base Hog price was reported at $89.03 on Thursday afternoon, up 39 cents from the previous day. The CME Lean Hog Index was back up 7 cents at $89.92 on June 25. 

USDA quarterly Hogs & Pigs data showed all hogs and pigs at 74.786 million head as of June 1, a 1.27% increase from a year ago and above estimates for a 0.8% increase. Hogs kept for marketing were up 1.68% to 68.479 million head, with hogs kept for breeding at 6.008 million head, a 3.19% drop. The March-May pig crop was at 34.021 million head, up 1.82% vs. last year, with pig per litter 1.76% higher to 11.56. Sows farrowing in that period were up 0.1% to 2.944 million head. Farrowing intentions for the June to August period at are 2.963 million, a 3.53% decline from a year ago.

The USDA Export Sales report showed pork bookings at 39,186 MT during the week ending 6/20, a 4-week high. Mexico was a big part of the increase, with purchases of 20,200 MT, as 5,900 MT was sold to Japanese importers. Actual shipments were down to a calendar year low at 28,295 MT. Shipments of 11,300 MT were headed to Mexico, with 4,100 MT to Japan. 

USDA reported the Thursday afternoon Pork Cutout Value down 62 cents to $94.90. The ham, picnic, and loin were the only primals reported higher, with the rib down $8.88 and belly $2.69 lower. USDA estimated Thursday’s FI hog slaughter at 476,000 head, taking the WTD total to 1.886 million head. That is down 13,000 head from a week ago but 74,376 head higher vs. the same week a last year.

Jul 24 Hogs  closed at $89.450, down $0.450,

Aug 24 Hogs  closed at $88.100, down $0.875

Oct 24 Hogs  closed at $74.725, down $0.650,