Front month lean hog futures gapped higher and proceeded to rally as much as 4.96%. The July contract led the way and is back to a premium over the June contract. USDA’s PM National Average Base Hog price was $92.13 on Tuesday, up by $6.84. The CME Lean Hog Index for 6/2 was 69 cents higher to $81.21.
Pork cutout futures ended the session with $1.52 to $3.20 gains. USDA’s National Pork Carcass Cutout Value for Tuesday afternoon was $4.08 weaker to $84.98. Bellies were quoted $23.78 lower to $79.08. USDA estimated FI hog slaughter at 469k head on Tuesday for a weekly total of 936k. That is 7,000 head behind last year’s pace for the same week.
Jun 23 Hogs closed at $88.300, up $2.975,
Jul 23 Hogs closed at $88.325, up $4.175
Jun 23 Pork Cutout closed at $90.400, up $2.400,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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