Lean hog futures experienced losses ranging from 35 cents to $1.60 on July 2, with nearby July contracts gaining 10 cents. The USDA reported a national base hog price of $96.42, while the CME Lean Hog Index fell by 12 cents to $91.55.
In a separate report, the USDA noted an increase in the pork carcass cutout value, which rose by $1.66 to $97.91, driven primarily by higher prices for loin, ham, and belly cuts, with the belly gaining $8.65. Estimated federally inspected hog slaughter for Tuesday was 479,000 head, leading to a weekly total of 942,000—24,000 head more than the previous week and 3,884 head above the same week last year.
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