Hog futures faded late on Monday, though the initial strength was enough to keep the board in the black at the close. July futures settled more than $1 off their high, but still up by $2.12 for the day. August futures ended with a 37 cent gain after slipping $2.75 from the early session high. USDA’s National Average Base Hog price was $92.97 on Monday afternoon, down by 7 cents. The CME Lean Hog Index for 6/22 was 94 cents higher to $91.41. Â
USDA’s NASS will release the quarterly hog inventory data on Thursday after the close. Traders expect to see a 71.808m head inventory on average, or 0.7% loss from June 1 ’22. The breeding herd is anticipated to come in 0.6% below last year, with some estimates down as much as 1.6%. Farrowing intention estimates also have continued contraction in mind with a 2.6% loss yr/yr for June-Aug and an additional 2.6% loss for Sep-Nov among the analysts surveyed.Â
Pork cutout futures settled $1.90 higher on Monday. USDA reported the National Pork Carcass Cutout Value $2.19 stronger to $99.55. USDA’s estimate for Monday’s FI hog slaughter was 440k head, compared to 459k last week and 460k during the same Monday last year. Â
Jul 23 Hogs  closed at $93.400, up $2.125,
Aug 23 Hogs  closed at $90.050, up $0.375
Jul 23 Pork Cutout  closed at $98.250, up $1.900,
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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