Lean hog futures are rallying with June unch ahead of Friday’ expiration, and other contracts up $1.20 to $1.70. The CME Lean Hog Index was down 20 cents at $91.32 on June 10. USDA showed the National Base Hog weighted average price at $87.08 on Wednesday morning, up $1.20 from the day prior.
WASDE data from this morning showed pork production raised by 40 million lbs for 2024, all coming from Q2. USDA is likely waiting for the Hogs & Pigs report later this month before adjusting the second half of the year. Projection for 2025 is projected at 28.4 billion lbs unchanged from last month.
USDA’s Estimated Primal Cutout Value was back sharply lower in the AM report, down $3.88 to $99.77. The picnic and butt were the only primals reported higher, as the belly gave back all of Tuesday’s gains, down $19.24. USDA estimated Tuesday FI hog slaughter at 482,000 head, bringing the week to date total to 945,000 head. That is down 19,000 head from a week ago but up 20,941 from a year ago.
Jun 24 Hogs are at $91.950, up $0.000,
Jul 24 Hogs are at $93.975, up $1.700
Aug 24 Hogs is at $90.375, up $1.275,
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