Midweek Hogs Follow Tuesday’s Spread Market

The nearby premiums for lean hog futures expanded by ~$2-$4 with July and August closing $2.55 to $2.97 higher and the deferreds ending $0.17 to $1.50 weaker. July now holds a $6.20 premium to August and a near $30 premium to December. USDA’s National Average Afternoon Base Hog price was $6.24 higher to $120.46. The 6/30 CME Lean Hog Index was down another 14 cents to $110.70. 

Pork cutout futures went home mostly higher with $0.15 to $2.65 gains on the day. October closed with a 27 cent loss. USDA’s National Pork Carcass Cutout Value was $114.48 in the PM report, up by $5.73 on higher bellies. USDA estimates FI hog slaughter at 460k head for the week through Tuesday. That is not comparable to last week due to the 4th, but is down 12k head from the same week last year. 

Jul 22 Hogs  closed at $112.150, up $2.550,

Aug 22 Hogs  closed at $105.950, up $2.975

Jul 22 Pork Cutout  closed at $112.250, up $1.500,