Front month lean hog futures are trading with midday gains of as much as $3.25 so far. The gains dwindle through the delivery months as Feb futures are up just 20 cents and the April contract is down by 15 cents at midday. 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 are also up triple digits for the months that are actively trading. 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 are at $113.575, up $1.425,
Aug 22 Hogs are at $109.100, up $3.150
Aug 22 Pork Cutout is at $113.900, up $3.050,
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