Lean hog futures are taking back all of Wednesday’s strength and more, with contracts down $3.35 to $4 at midday. USDA’s national average base hog negotiated price was reported at $90.23 on Thursday morning, down a penny from the day prior. The CME Lean Hog Index was back up 2 cents from the previous day on February 25 at $89.49.

A report yesterday indicated President Trump had pushed back the date for the 25% tariff implementation on Mexico and Canada to April 2, rather than March 4. However, this morning he corrected that, stating he misspoke, with the Mex/Can tariffs still on for next Tuesday and the 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 up 18 cents on Thursday morning at $96.84 per cwt. All primals were reported higher with exception to the belly, down 63 cents. USDA reported Wednesday’s Federally inspected hog slaughter estimated at 490,000 head, taking the week to date total to 1.469 million head. That is 12,000 head above last week but down 1,325 head from the same week last year.

Apr 25 Hogs  are at $84.325, down $3.975,

May 25 Hogs  are at $88.750, down $3.700

Jun 25 Hogs  is at $97.525, down $3.350,