Lean hog futures closed with Thursday gains of 20 to 60 cents. The national average base hog negotiated price was reported at $80.62 on Thursday afternoon, down $2.87 from the day prior. The CME Lean Hog Index was reported at $82.59 on January 28, up 48 cents from the previous day.
Late on Thursday afternoon, President Trump stated he would go ahead with the 25% tariff on Mexico and Canada on Saturday. No retaliatory measures from either country have officially been announced. In 2024 pork exports to Mexico were 32.52% of the total, with 8% shipped to Canada.
Export Sales data showed a total of 33,551 MT of pork sold in the week ending on January 23, down from the week prior. Mexico was the buyer of 11,800 MT, with 11,200 MT to China. Shipments totaled 34,122 in that week, which was a jump of 49.5% from the previous week. Mexico was the destination of 12,700 MT, with 4,700 MT to the Bahamas.
USDA’s FOB plant pork cutout value was 38 cents lower in the Thursday PM report at $92.93 per cwt. The rib, belly, and ham primals were reported lower. Federally inspected hog slaughter for Thursday was at 483,000 head, with the week to date total at 1.933 million head. That is 127,000 head above last week but down 21,311 head from the same week last year.
Feb 25 Hogs closed at $84.375, up $0.475,
Apr 25 Hogs closed at $91.925, up $0.600
May 25 Hogs closed at $95.600, up $0.275,
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