Lean hog futures were falling on Thursday, as contracts lost $1.70 to 2.77 in the nearbys. Open interest suggested longs liquidating, down 4,453 contracts. USDA’s national base hog price was reported at $92.80 on Thursday afternoon, down 49 cents from the day prior. The CME Lean Hog Index was another 7 cents higher on March 17 at $91.93.
Export Sales data showed new pork business of 28,284 MT in the week that ended on 3/12, up 19.2% from the week prior. Mexico was the top buyer of 7,500 MT, with 5,700 MT sold to South Korea. Shipments were at a 4-week low of 35,674 MT in that week. Of that total, 15,200 MT was headed to Mexico, with 4,500 MT to Japan.
