Lean hog futures rallied 2% to 2.8% on Friday pushing the front months to new highs. June futures remain at an $18.60 premium to the spot board price. After setting new highs for the move, and new contract highs, nearby futures were up by $over $6 for the week. USDA’s National Average Base Hog price dropped 53 cents on Friday afternoon to $86.70. The 4/2 CME Lean Hog Index was another 23 cents stronger to $85.15.
USDA’s National Pork Carcass Cutout Value was 40 cents weaker on Friday afternoon to $97.75. Bellies led the way lower with a $14.24 drop, offsetting the $8.36 increase for hams. The USDA reported het week’s pork output at 521.2 million lbs, or 0.7% over last week and 1.3% above the same week last year. FI hog slaughter for the week was listed at 2.3421 million head vs 2.404 last week and 2.37m head during the same week last year.
Apr 24 Hogs closed at $89.325, up $0.975,
May 24 Hogs closed at $97.550, up $2.475
Apr 24 Pork Cutout closed at $99.950, up $2.150,
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