Wednesday Gains in Lean Hogs

After gapping higher at the open and running up through the morning the hog market spent the rest of Wednesday working back lower. Futures still ended up on the day past October, but Dec and Feb closed below their open price. The USDA National Average Base Hog price increased another $0.41 on Wednesday to $97.89. The 9/1 CME Lean Hog Index was $104.74 after another $1.52 drop. 

Pork cutout futures were 22 cents weaker in the October contract, but ended up by 22 to 25 cents in the other nearbys. USDA’s National Pork Carcass Cutout value was $1.18 weaker on Wednesday, with bellies down by $10.45. USDA estimated FI hog slaughter for the week at 968k head, compared to 955k head during the same week last year. 

Oct 22 Hogs  closed at $91.075, down $0.025,

Dec 22 Hogs  closed at $83.600, up $0.100

Oct 22 Pork Cutout  closed at $101.650, down $0.225,