On Tuesday, lean hog futures fell by 7 cents to $1 in the front months, while other contracts increased by 7 to 60 cents. The CME Lean Hog Index dropped by 71 cents to $90.73 as of June 14, and the USDA National Base Hog price was reported at $89.90. Seasonal market strength has been muted this spring.
The USDA’s Pork Cutout Value rose slightly by 4 cents to $98.98. The belly primal saw a notable increase of $2.52, although both the loin and picnic primals were quoted lower. USDA estimated Monday’s Federally Inspected hog slaughter at 459,000 head, a decrease of 4,000 heads from the previous week but an increase of 2,307 heads from the same day last year.
As of Tuesday, Jul 24 hogs were priced at $94.425 (down $0.950), Aug 24 hogs at $91.450 (down $0.425), and Oct 24 hogs at $78.150 (down $0.075).
