Lean hogs bounced back and forth on Wednesday, with contracts slipping off the midday pop, but still closing mixed. Contracts were anywhere from a dime lower to 50 cents higher. USDA’s National Average Base Hog negotiated price was back down $1.46 in the Wednesday afternoon report at $91.79. The CME Lean Hog Index was back up 23 cents on May 6 at $91.03.

USDA’s National Pork Carcass Cutout Value was $2.20 higher in the Wednesday PM print at $99.29. The belly ($6.42) and loin ($4.67) were the drivers to the upside this time, with the butt and picnic primals reported lower. USDA estimated Wednesday’s federally inspected hog slaughter at 477,000 head, with the WTD total at 1.436 million head. That is 2,000 head above last week and up 53,456 head from the same week last year.

May 24 Hogs  closed at $92.525, down $0.000,

Jun 24 Hogs  closed at $98.725, up $0.400

Jul 24 Hogs  closed at $102.450, down $0.050,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.