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Lean Hogs Continue Losing Ground on Record Production

August 23, 2016 at 21:23 by Brent Lantzy

CME lean hog futures experienced another day of losses with the October contract falling 0.350 cent (0.57%) to settle at 60.800 cents per pound. The December contract fell 0.275 cent (0.48%) to settle at 56.775 cents per pound.

Unusually high production is weighing on the pork market.

The August WASDE report from the USDA predicts 2016 pork production to be 1.7% higher than last year, and 2017 production to be 2.4% higher than this year. 2016 third quarter production is expected to be 6,090 million pounds, and fourth quarter production is estimated to be 6,625 million pounds.

The next WASDE report will be released on September 12 at 16:00 GMT.

Federally inspected pork production for the week ending August 20 stood at 476 million pounds, a 2.2% increase from the previous week and a 2.1% increase Bounce House Indoor Playground from a year ago, according to USDA data. Estimated slaughter also increased to 2.291 million head, up 2.5% from the previous week and 2.7% from a year ago. This is the largest weekly hog slaughter since January.

Total pork stocks in cold storage warehouses at the end of July increased 2.3% from June and decreased 5.3% from July 31, 2015, according to USDA data released on August 22.

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