Lean Hogs Market Lower on Korea ASF News

Lean Hog futures were sharply lower on Tuesday, with December limit down. Preliminary open interest shows long liquidation, down 4,718 contracts but primarily in the October contract. The first case of ASF was discovered in South Korea according to the country’s ag ministry. The risk of higher culling rates adding to the nearby pork supply (and thus limiting imports) pressured Dec to down the limit. The CME Lean Hog Index was down another $1.23 at $58.48 on September 13. The USDA pork carcass cutout value FOB plant was down 45 cents on Tuesday afternoon at $68.21. The national average base hog value was a penny lower at $45.08 on Tuesday. Estimated FI hog slaughter was 975,000 head through Tuesday, 131,000 head above the same week in 2018 and 5,000 head above last week. China is planning to sell 10,000 MT of pork imports (from EU and US) from state reserves on Thursday to ease shortages. -- provided by Brugler Marketing & Management




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