Pig outlook: Lean hog futures bears have momentum

Jim Wyckoff studies on world swine information

calendar icon 6 Would possibly 2024

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2 minute learn

June lean hog futures costs this week dropped to a four-week low. Technical injury has been inflicted to now counsel a marketplace most sensible is in position, and that extra value drawback is most likely within the close to time period. Basically, the most recent CME lean hog index is up 34 cents to $90.60 as of April 30, finishing a four-day decline. Lean hog futures buyers will stay an in depth eye at the money marketplace, because the selloff during the last week has got rid of a lot of the top rate in each Would possibly and June futures. The livestock futures marketplace continues to stand risk-off promoting drive over worries surrounding H5N1 and the prospective have an effect on to pork call for. If shoppers cut back their pork intake, a big portion of that call for is prone to shift to red meat.

Weekly USDA US red meat export gross sales

Beef: Internet US gross sales of 33,600 MT for 2024 had been up 17 % from the former week and six % from the prior 4-week moderate. Will increase had been essentially for Mexico (21,600 MT, together with decreases of 400 MT), Japan (4,200 MT, together with decreases of 200 MT), Canada (1,300 MT, together with decreases of 600 MT), Colombia (1,100 MT, together with decreases of 100 MT), and South Korea (900 MT, together with decreases of 100 MT). Exports of 36,200 MT had been down 10 % from the former week and 5 % from the prior 4-week moderate. The locations had been essentially to Mexico (14,200 MT), South Korea (5,300 MT), Japan (4,800 MT), China (3,600 MT), and Canada (1,900 MT).

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Brazil rains disrupt meat processing in key southern state – trade team

Heavy rains and flooding in Brazil’s southernmost state of Rio Grande do Sul have decreased or paralysed rooster and red meat slaughtering at more than one meatpacking amenities, Reuters reported, bringing up trade teams on Friday. World meat firms together with JBS SA and BRF SA function within the area, the place complete cities have submerged and roads had been completely or in part blocked through the remarkable downpours. Some 12 rooster processors had been affected, Jose Santos, head of a neighborhood poultry foyer, mentioned. 5 red meat processors were impacted through loss of animals for slaughtering and dwindling animal feed shares, mentioned Rogerio Kerber, head of a foyer team representing manufacturers, regarding disruptions within the closely hit Taquari river valley. Rio Grande do Sul is one in all Brazil’s biggest rooster and red meat manufacturers and exporters.

The following week’s most likely high-low value buying and selling levels:

June lean hog futures–$98.625 to 105.00 and with a sideways-lower bias

July soybean meal futures–$341.50 to $365.00, and with a sideways-higher bias

July corn futures–$4.43 3/4 to $4.65 and a sideways-higher bias

Newest analytical day-to-day charts lean hog, soybean meal and corn futures

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