
After the August and October contracts led the correction to start the week, their midweek session closed with triple digit gains. The back months were also firmer on the day, though gains dwindled to 37 cents to 70 cents. August closed the day at a $28.30 premium to Feb ’23. USDA’s National Average Base Hog shot $13.01 higher to $129.06 in the AM report, following a $7.56 boost to $124.75 on Tuesday evening. The 7/21 CME Lean Hog Index was $119.13 after a 91 cent boost.
Pork cutout futures ended Wednesday trade with $1.07 to $2.82 gains in the front months. USDA’s National Pork Carcass Cutout Value for Wednesday morning was $1.19 weaker to $125.58. FI hog slaughter was estimated at 468,000 for Wednesday. That put the week to date @ 1.385 million vs. 1.368 million last Wednesday and 1.406 million a year ago.
Aug 22 Hogs closed at $118.600, up $1.625,
Oct 22 Hogs closed at $96.450, up $2.800
Aug 22 Pork Cutout closed at $124.450, up $1.000,