Lean hog futures closed Wednesday with mixed trade, with front months down 30 to 52 cents and deferred contracts 10 to 40 cents higher. Open interest was up 1,587 contracts. USDA’s national base hog price was reported at $95.56 on Wednesday afternoon, down $1.70 from the day prior. The CME Lean Hog Index was back down 17 cents on June 22 at $91.47
USDA will release their quarterly Hogs and Pigs report on Thursday, with a Reuters survey of analysts looking for June 1 hog inventory up 0.9% from last year. Hogs kept for breeding are seen down 0.7%, with market hog inventory seen up 1.1%. The March-May pig crop is expected to be up 1.2%, with farrowings seen down 0.2%.
USDA’s pork carcass cutout value from the Wednesday PM report was down $1.39 at $93.86 per cwt. The rib and ham primals were the only reported higher. USDA estimated federally inspected hog slaughter for Wednesday at 487,000 head, taking the weekly total to 1.429 million head. That was up 14,000 head from last week and 27,357 head above the same week last year.
Jul 26 Hogs closed at $93.850, down $0.375,
Aug 26 Hogs closed at $96.700, down $0.525
Oct 26 Hogs closed at $80.900, down $0.300,
