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On Wednesday, lean hogs closed mixed, with front month contracts rising between 5 to 52 cents, while other contracts fell by 10 to 22 cents. The USDA National Base Hog price was reported at $90.97, down 68 cents from the prior day, with futures below cash prices but above the CME Lean Hog Index, which increased by 14 cents to $89.31.
May pork exports reached 584.7 million lbs, marking a 5.4% decline from the previous year and a 10.9% decrease from April. The USDA also reported a PM Pork Cutout Value down 63 cents at $93.63, primarily due to an $8.53 loss in the butt cut. Estimated hog slaughter for Wednesday was 479,000 head, bringing the weekly total to 1.427 million, an increase of 17,000 from the previous week.
July 2024 hogs closed at $89.750, gaining $0.525, while August 2024 hogs rose $0.050 to $89.825. October 2024 hogs, however, decreased by $0.100 to close at $74.175.
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