On Monday, Lean hogs settled with near-term contracts closing within 35 cents of unchanged. The USDA Daily Direct Hog report indicated negotiated prices fell by $1.05 to $82.48. The CME Lean Hog Index was reported at $91.90 on August 8, down 90 cents from the previous day.
The USDA’s latest WASDE update projected US pork production at 24.048 billion lbs for 2024, a decrease of 91 million lbs from last month. Additionally, the USDA reported a FOB plant pork cutout value increase of $1.61 to $100.27 per cwt, with belly cuts up by $5.94. Estimated hog slaughter for Monday was 483,000 head, up 72,000 from the previous week and 17,422 more than the same week last year.
Closing prices for August 24 Hogs were $90.025 (up $0.225), October 24 Hogs at $74.325 (up $0.350), and December 24 Hogs at $66.075 (down $0.225).
