Hogs Leak Lower on Thursday

Lean hog futures ended the back and forth Thursday session with contracts down 7 to 95 cents in the nearbys. The USDA national average base hog negotiated price was down $1.21 from the day prior at $87.67 in the Thursday PM report. CME's Lean Hog Index from April 1 was up 15 from the previous day on at $88.80.
Wednesday's 'Liberation Day' tariffs came with Mexico and Canada left off the list and the exemption on all USMCA compliant goods remaining in place. Reciprocal tariffs were put in place on Japan at 24%, South Korea at 25% and China at 34% (54% including the initial set of tariffs from earlier this year). They go into effect on April 9.
Pork export sales totaled 52,953 MT in the week that ended on March 27, the largest so far this MY. Mexico was the buyer of 30,600 MT, with 10,300 MT to China. Export shipments came in at 32,899 MT, which was a 3-week high. Of that total, 12,200 MT was headed to Mexico, with 5,200 MT to South Korea.
Census trade data was released this morning, with a converted carcass basis total of 565.2 million lbs of pork exported in February. That was a 2% decline from January and down 4.8% from last year.
USDA's pork cutout value from Thursday afternoon was up $1.11 at $94.81 per cwt. The belly, picnic and rib primals were reported lower, with the loin leading the charge higher, up $7.04. USDA estimated the Thursday Federally inspected hog slaughter at 488,000 head, with a weekly total at 1.926 million head. That is down 13,000 head from last week but 106,548 head above the same week last year.
Apr 25 Hogs closed at $87.375, down $0.075,
May 25 Hogs closed at $88.575, down $0.550
Jun 25 Hogs closed at $95.550, down $0.975,

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