Lean hogs were in free fall mode on Tuesday, with contracts down 95 cents to $2.35. They are also seeing weakness today, with prices down $.40 to $2.05 (August). USDA’s National Average Base Hog negotiated price was reported lower this morning, at $87.20. The CME Lean Hog Index was up 24 cents on May 31 at $91.73.
USDA’s National Pork Carcass Cutout Value was up $2.59 @ $103.35 in the morning report. USDA estimated federally inspected hog slaughter at 481,000 head on Tuesday, with the WTD total at 964,000 head. That is 29,862 head above the same week last year.
Jun 24 Hogs are at $92.300, down $0.400,
Jul 24 Hogs are at $92.050, down $1.875
Aug 24 Hogs is at $91.500, down $2.050,
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