Lean hog futures fell 45 cents to $1.10 at midday on Wednesday. The national average base hog price was reported at $78.63, while the CME Lean Hog Index stood at $86.15, down 32 cents from the previous day.
The USDA reported a decrease in the FOB plant pork cutout value, which dropped $1.54 to $97.28 per cwt. Picnic and ribs saw price increases, but bellies led the decline, dropping $4.81. Estimated hog slaughter for Tuesday totaled 484,000 head, bringing the week-to-date total to 486,000 head, which is above last year’s figure by 12,698 head, albeit below the previous non-holiday week.
Current futures prices include October 24 Hogs at $82.075 (down $0.450), December 24 Hogs at $72.700 (down $1.100), and February 25 Hogs at $75.475 (down $0.850).
