Lean hog futures are up 7 to 52 cents across the front months, though October is down a dime. The USDA National Base Hog price reported at $87.76 on Tuesday morning, up $1.29 from the previous day. The CME Lean Hog Index was down another 42 cents at $89.90 on June 21. Typical seasonal strength has not been there this spring.
Hogs & Pigs data will be released on Thursday afternoon. Trade estimates are looking for all hogs on June 1 to be up 0.8% from a year ago. That is seen from the marketing numbers, expected up 1.2%, with breeding inventories down 2.7% according to a Reuters survey of analysts.
USDA’s Pork Cutout Value was reported back higher in the Tuesday AM print, up $1.21 to $99.04. The belly primal carried the load, up $12.86, as the loin, rib, and ham were all reported lower. USDA estimated Monday’s FI hog slaughter at 473,000 head. That is up 14,000 head from a week ago and 10,503 head higher vs. the same week a year ago.
Jul 24 Hogs are at $90.025, up $0.075,
Aug 24 Hogs are at $87.250, up $0.525
Oct 24 Hogs is at $73.975, down $0.100,
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