Following last week’s sharp drops, the lean hog futures complex bounced back out of the weekend. Gains on Monday ranged 32 cents to $1.25 in the nearby contracts, and June ’23 rallied back to above $100. The USDA National Average Base Hog price was $126.35 in the PM report, up by $8.55. The CME Lean Hog Index from 8/18 was another 31 cents weaker to $120.29.
The monthly Cold Storage update showed 530.1m lbs of pork in storage at the end of July. That was down 8.7m lbs from June, but remains above the decade lows set in 2021.
Pork cutout futures were 17 to 52 cents in the black at the closing bell. USDA’s National Pork Carcass Cutout value from Monday afternoon was 46 cents higher to $117.61. Federally inspected hog slaughter was estimated at 478k head for Monday. That was up 36k head wk/wk and was 39k head more than the same Monday last year.
Oct 22 Hogs closed at $93.975, up $0.850,
Dec 22 Hogs closed at $84.475, up $0.325
Oct 22 Pork Cutout closed at $104.625, up $0.525,
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