Lean hog futures were up 90 cents to $2.22 on Wednesday as traders squared up ahead of this afternoon’s Hogs & Pigs report. The USDA National Base Hog price reported at $88.64 on Wednesday afternoon, down 57 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 at 2 PM CDT. Trade estimates on average 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.
USDA’s Pork Cutout Value was reported higher in the Wednesday PM print, up 21 cents to $95.52. The belly primal was $7.29 higher, as the loin, butt, and ham were reported lower. USDA estimated Wednesday’s FI hog slaughter at 480,000 head, taking the WTD total to 1.424 million head. That is even with a week ago and 66,983 head higher vs. the same week a year ago.
Jul 24 Hogs closed at $89.900, up $0.900,
Aug 24 Hogs closed at $88.975, up $2.225
Oct 24 Hogs closed at $75.375, up $1.775,
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