Lean hog futures are posting 65 cent to $2.07 gains on Wednesday as trader square up ahead of Thursday’s Hogs & Pigs report. The USDA National Base Hog price reported at $88.74 on Wednesday morning, up 98 cents from the previous day. The CME Lean Hog Index was down another nickel at $89.85 on June 24. Typical seasonal strength has not been there this spring.

USDA quarterly 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 1.2% higher, with breeding inventories down 2.7% according to a Reuters survey of analysts. Higher numbers of pigs per litter have partially offset lower sow numbers in recent reports. 

The monthly USDA Cold Storage update indicated 481.89 million lbs of pork in commercial coolers at the end of May. That was a sharp decline of 9.38% from last year, and was 3.49% below April on a seasonal decline.

USDA’s Pork Cutout Value was reported back higher in the Wednesday AM print, as the flip/flop continues, up $2.21 to $97.52. The belly primal has some impact, $12.52 higher, as the butt and ham were reported lower. USDA estimated Tuesday’s FI hog slaughter at 481,000 head, taking the WTD total to 944,000 head. That is up 3,000 head from a week ago and 39,239 head higher vs. the same week a year ago.

Jul 24 Hogs  are at $89.650, up $0.650,

Aug 24 Hogs  are at $88.825, up $2.075

Oct 24 Hogs  is at $75.125, up $1.525,


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