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On Tuesday, lean hog futures fell sharply, with contracts decreasing by 90 cents to $2.15. The USDA’s National Average Base Hog price was not reported for the morning session, while the PM report showed a price of $88.30. As of May 31, the CME Lean Hog Index rose by 24 cents to $91.73.
The USDA reported an increase in the National Pork Carcass Cutout Value, which rose by $1.26 to $102.69 in the Tuesday morning update. All pork primals were priced higher except for the belly, which increased by $2.38. Federally inspected hog slaughter totaled 483,000 head on Monday, exceeding last week’s numbers due to the holiday and up by 18,294 head compared to the same Monday last year.
The current prices for hogs are as follows: Jun 24 Hogs at $92.750 (down $0.900), Jul 24 Hogs at $94.125 (down $2.150), and Aug 24 Hogs at $93.575 (down $2.050).
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