Lean hogs hit limit losses in the August contract during the Wednesday session, with contracts closing anywhere from 87 cents to $3.72. The USDA National Base Hog price was reported at $87.31 on Wednesday afternoon, down $3.41 from the day prior. The CME Lean Hog Index was reported at $88.43 on July 8, down another 33 cents from the previous day. It seems the seasonal decline is beginning.
USDA reported the Wednesday morning Pork Cutout Value 57 cents higher at $94.32. The rib, picnic, and butt primals were reported lower, with belly leading the way higher, up $3.53. USDA estimated the Wednesday FI hog slaughter at 477,000 head, with the weekly total at 1.415 head. That was down 4,000 head from the previous week but was 28,730 above the same week last year.
Jul 24 Hogs closed at $88.450, down $0.875,
Aug 24 Hogs closed at $84.675, down $3.725
Oct 24 Hogs closed at $68.325, down $2.450,
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