Lean hog futures are mixed again at midday so far on Wednesday, with August up 12 cents and other front months down 7 to 50 cents. USDA’s national base hog price had a weighted average of $114.77 on Wednesday morning, up 78 cents from the previous report. The CME Lean Hog Index was up 39 cents at $108.59 on July 21.
Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. It also outlines Japan buying $8 billion in US ag goods. For reference, ag and related exports to Japan have historically ranged from $12 to 16 billion annually.
USDA’s Wednesday morning FOB plant pork cutout value was a penny higher at $118.16 per cwt. The loin, rib and belly primals were the only reported higher. USDA estimated hog slaughter at 476,000 head for Tuesday, with the weekly total estimated at 923,000 head. That was 8,000 head below last week and down 10,618 contracts from the same week last year.
Aug 25 Hogs are at $107.875, up $0.125,
Oct 25 Hogs are at $90.425, down $0.075
Dec 25 Hogs is at $82.350, down $0.500,
