Lean hog futures increased significantly on Tuesday, with nearby contracts gaining between 30 cents and $1.025. The national average base hog price rose by $2.26 to $78.90. The CME Lean Hog Index on August 29 was reported at $86.47, reflecting a decrease of 57 cents from the prior day.
Additionally, the USDA reported a $1.59 rise in the FOB plant pork cutout value, reaching $98.82 per cwt, driven by a $2.91 increase in ham prices. The Tuesday estimated hog slaughter stood at 484,000 head, contributing to a total of 486,000 head for the week, which is an increase of 12,698 head compared to the same week last year.
In specific futures trading, October 24 Hogs closed at $82.525 (up $0.300), December 24 Hogs at $73.800 (up $1.025), and February 25 Hogs at $76.325 (up $0.950).
