August hog futures rallied $3.40 on Tuesday and got to within $1.50 of the $1/lb mark – a level not seen for the contract since March 16th (futures were there briefly on Thursday). The other nearby contracts were $0.45 to $2.47 higher going home. Feb hogs were UNCH on the day. USDA reported the National Average Base Hog price another $2.50 higher on Tuesday to $100.39. The CME Lean Hog Index increased another $1.36 to $97.43 for 7/6.
Pork cutout futures closed with triple digit gains of as much as $3.42. The Pork Carcass Cutout Value increased $4.04 in the PM report to $111.99. Bellies were up by $19.33. Federally inspected hog slaughter was estimated at 470k head for Tuesday. After revising Monday’s kill lower, that set the week’s running total at 930k head.
Jul 23 Hogs closed at $101.275, up $2.475,
Aug 23 Hogs closed at $97.575, up $3.400
Jul 23 Pork Cutout closed at $107.850, up $3.350,
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.
