Lean hog futures rounded out the Wednesday session with traders squaring up ahead of Thursday’s reports. Contracts were down 7 to 37 cents, with just October up, by 35 cents. The national average base hog price was reported at $77.04 on Wednesday afternoon, up 50 cents from the previous day. The CME Lean Hog Index was $84.21 on September 23, down another 8 cents from the day prior.
The quarterly Hogs & Pigs report from NASS will be released this afternoon, with all hog inventory on September 1 pegged up 0.2% from last year. Market hogs are seen up 0.4%, with breeding hogs down 2.1%. The June-August pig crop is estimated down 0.9%.
USDA’s FOB plant pork cutout value back up 14 cents in the Wednesday PM report at $94.10 per cwt. The loin and ham were the only primals reported lower, with the other 4 up by a range of 52 cents to $2.21. USDA estimated FI hog slaughter at 486,000 head for Wednesday, taking the week to 1.452 million head. That is up 24,000 head from the previous week and 3,697 head above the same week last year.
Oct 24 Hogs closed at $82.475, up $0.350,
Dec 24 Hogs closed at $74.900, down $0.075
Feb 25 Hogs closed at $78.625, down $0.075,
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