Lean hog futures pressed downward on Wednesday, closing the session with another $0.45 to $1.30 losses across the front months. USDA’s National Average Base Hog price was down $1.33 on Wednesday at $88.42. CME’s 8/21 Lean Hog Index fell another 77 cents to $98.04.
The monthly Cold Storage report had 473.84m lbs of pork for July. NASS data had that at a 2.7% lower volume mo/mo and down from 526.5m lbs in July ’22. Belly stocks specifically were 51.774 million pounds.
Pork cutout futures were $0.65 to $1.42 weaker on the day. The National Pork Carcass Cutout Value was quoted $2.86 weaker on Wednesday afternoon at $100.79. USDA estimates the week’s FI hog slaughter at 1.42m head through Wednesday. That is up 12k head from last week’s pace but down 26k head from the same week last year.
Oct 23 Hogs closed at $78.550, down $1.025,
Dec 23 Hogs closed at $71.050, down $1.300
Oct 23 Pork Cutout closed at $90.675, down $0.650,
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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