Lean hog futures experienced a decline of 15 cents in July, but increased by 20 cents, reaching $1.45 in other contracts. The USDA reported a national base hog price of $97.75 on June 11, an increase of 18 cents from the previous day, while the CME Lean Hog Index fell by 16 cents to $91.93. Trading will conclude for the week on Thursday due to the observance of Juneteenth on Friday.
The USDA’s pork carcass cutout value decreased by 80 cents, settling at $94.77 per cwt. The only primal cut to rise was the belly. Additionally, the USDA estimated Wednesday’s federally inspected hog slaughter at 476,000 head, bringing the week’s total to 1.439 million head, marking an increase of 37,000 head from the previous week and 26,465 head year-over-year.
Key contract closes included July hogs at $94.65 (down $0.15), August hogs at $96.50 (up $1.45), and October hogs at $81.275 (up $1.35).
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