Lean hog futures closed higher on Thursday, with prices rising between 50 to 75 cents and reaching new contract highs. The USDA reported the national base hog price at $83.09, down $2.04 from the previous day. The CME Lean Hog Index increased by 37 cents to $82.40.
The USDA’s pork carcass cutout value was reported at $94.62 per cwt, up 64 cents from prior measurements, although the rib primal was the only cut to see a decrease. The estimated federally inspected hog slaughter for Thursday was 490,000 head, bringing the weekly total to 1.886 million, which is 87,000 head lower than last week but 82,281 head above the same period last year.
February 26 hogs closed at $88.475 (up $0.625), April 26 hogs at $96.350 (up $0.750), and May 26 hogs at $99.775 (up $0.500).
