Lean hog futures experienced midday losses between 2 to 50 cents on Thursday, with the USDA reporting a national base hog price of $97.32, down 18 cents from the previous day. The CME Lean Hog Index rose by 50 cents to $92.43 on June 16. The financial markets will be closed on Friday in observance of Juneteenth.
USDA data indicated that pork sales for the week ending June 11 reached a calendar year low of 16,123 metric tons (MT), with shipments at 29,962 MT, also the lowest for the year. The pork carcass cutout value reported on Thursday decreased by $1.30 to $93.47 per cwt, primarily driven by a $9.52 drop in belly prices. USDA estimated Wednesday’s federally inspected hog slaughter at 476,000 head, totaling 1.439 million head for the week, an increase of 37,000 head from last week and 26,465 head from the same week last year.
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