Lean hog futures were trading at time with limit losses on Thursday, but closed just off the $4 limit, with losses of $3.25 to $3.95 at the close.  USDA’s national average base hog negotiated price was reported at $89.49 on Thursday afternoon, down 37 cents from the day prior. The CME Lean Hog Index was back up 2 cents from the previous day on February 25 at $89.49.

This morning President Trump corrected the statement about an April start date on the Mexico/Canada tariffs, stating he misspoke. The implementation date is still on for next Tuesday and the other reciprocal tariffs going on in April.

Pork export bookings during the week ending on February 20 were tallied at 32,155 MT, which was a 3-week high. Mexico was the top buyer of 13,300 MT, with 3,500 MT sold to Japan. Shipments totaled 34,133 MT, the second largest this MY. The lead destination was Mexico at 12,900 MT, with 4,400 MT headed to Japan. 

USDA’s FOB plant pork cutout value was $4.30 on Thursday afternoon at $100.96 per cwt. The loin and picnic were reported lower, with the bellies leading the charge higher, up $26.64. USDA reported the Thursday Federally inspected hog slaughter estimated at 489,000 head, taking the week to date total to 1.958 million head. That is 28,000 head above last week and 2,100 head above the same week last year.

Apr 25 Hogs  closed at $84.375, down $3.925,

May 25 Hogs  closed at $88.750, down $3.700

Jun 25 Hogs  closed at $97.600, down $3.275,