Lean hog futures were apparently trying to buy some market share at the meat counter, going the opposite direction from the cattle. They settled $.27 to $1.45 lower on Monday. Nearby June got a little help from its proximity to the Index and need for convergence at expiration. The CME Lean Hog Index was down 17 cents at $91.75 on June 6. USDA put the National Base Hog weighted average price at $88.58, up $2.60.
USDA’s Estimated Primal Cutout Value was down 48 cents in the PM report compared to Friday, at $100.43. Hams were the only primal in plus territory in the afternoon, and the PM belly quote was down $1.23, a different vibe than the +$10.86 in the morning report. USDA estimated Monday FI hog slaughter at 471,000 head, down from 483,000 a week ago but up from 458,272 head on the same Monday a year ago.
Jun 24 Hogs closed at $92.250, down $0.275,
Jul 24 Hogs closed at $92.900, down $0.600
Aug 24 Hogs closed at $90.225, down $1.450,
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