Lean hog futures were off their lows aby more than $1 at the close, but were still 15 to 77 cents weaker on the day. August futures were down $1 as OI evaporates ahead of expiration. December hogs remained a $28 discount to August at the close, and were at an $8 discount to the October contract. USDA’s National Average Base Hog price was $2.13 lower to $101.87 in the afternoon report. increased $2.29 on Tuesday to $104 flat. The CME Lean Hog Index increased 19 cents to $106 flat for 7/28.
Pork cutout futures were 52 to 75 cents weaker on the day. USDA’s National Pork Carcass Cutout Value was $3.63 weaker to $111.63 on Wednesday afternoon. Bellies had dropped by $10.92, and picnics were $4.31 weaker in the update. USDA estimated the week’s FI hog slaughter at 1.420 million head through Wednesday. That is 30k head more than last week and is up 71k head from the same week last year.
Aug 23 Hogs closed at $102.675, down $1.000,
Oct 23 Hogs closed at $84.875, down $0.775
Aug 23 Pork Cutout closed at $110.900, down $0.600,
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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