Lean hog prices saw losses on Tuesday, July 24, with nearby July contracts closing down 35 cents at $89.325. The USDA reported the National Base Hog price at $90.72 for the afternoon, reflecting a slight increase of 9 cents from Monday, while the CME Lean Hog Index was at $88.76 as of July 5, down 44 cents from the previous day.
The USDA’s estimated direct slaughter for hogs was 476,000 head for Tuesday, bringing the weekly total to 938,000 head—10,000 less than the previous week but 5,919 more than the same week last year. The afternoon Pork Cutout Value decreased by $2.24 to $93.75, with all primals experiencing losses, particularly the butt at down $5.45.
Closing prices for futures were as follows: August 2024 Hogs at $88.400 (down $1.125), and October 2024 Hogs at $70.775 (down $1.750).
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