Lean hogs posted gains of $1.15 to $1.45 in the front four contracts on Tuesday, and most contract months are higher again at midday on Wednesday. August is the exception, down about 17 cents, but the rest are up $.15 to $.50. The USDA National Base Hog price was reported at $84.75 in the Wednesday am summary, up $1.56. The CME Lean Hog Index was $90.08 on July 22, up 28 cents from the previous day.
USDA is showing a firmer tone for the FOB plant pork cutout values this morning, with the average carcass quote up 21 cents at $103.71 per hundred pounds. That gain is coming from loins and bellies, with the other primals in negative territory for the day. USDA estimated Tuesday’s FI hog slaughter at 481,000 head, up from 477,000 head last week. The WTD total is 4,000 head above year ago for the same Tuesday.
Aug 24 Hogs are at $93.525, down $0.125,
Oct 24 Hogs are at $77.675, up $0.550
Dec 24 Hogs is at $69.725, up $0.300,
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