Lean hog futures are up 2 to 75 cents through Dec ’22, with the deferred months trading 25 to 55 cents in the red. USDA’s National Average Base Hog price for Friday morning was $2.86 weaker to $113.25. The 6/29 CME Lean Hog Index was down another 42 cents to $10.84.
China’s Farm Ministry reported the sow herd has dropped to 8% below last year’s May count. The preliminary estimate had shown a 5% drop. Margins have been negative for a while. The overall breeding herd is 41.9m head.
Pork cutout futures are also mixed but mostly higher with gains of as much as $1.25 through midday. USDA’s National Pork Carcass Cutout Value was $107.25 after a $1.31 drop. Federally inspected hog slaughter for the week through Thursday is estimated at 1.832m head. That is down 19k head wk/wk and trails the same week last year by 2,000.
Jul 22 Hogs are at $109.550, up $0.425,
Aug 22 Hogs are at $102.725, up $0.625
Aug 22 Pork Cutout is at $108.325, up $1.250,
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