Lean hog futures were apparently trying to buy some market share at the meat counter, going the opposite direction from the cattle. They settled $.27 to $1.45 lower. Nearby June got a little help from its proximity to the Index and convergence ahead of expiration. The CME Lean Hog Index was down 17 cents at $91.75 on June 6. USDA put the National Base Hog weighted average price at $88.58, up $2.60.
USDA’s Estimated Primal Cutout Value was down 48 cents in the PM report compared to Friday, at $100.43. Hams were the only primal in plus territory this afternoon, and the PM belly quote was down $1.23, a different signal than the up $10.86 in the morning report. USDA estimated Monday FI hog slaughter at 471,000 head, down from 483,000 a week ago but up from 458,272 head on the same Monday a year ago.
Jun 24 Hogs closed at $92.250, down $0.275,
Jul 24 Hogs closed at $92.900, down $0.600
Aug 24 Hogs closed at $90.225, down $1.450,
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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