Lean hog futures posted gains of $1.20 to $2 across most nearby contracts on Tuesday. Deferred contracts were up a tick to 75 cents. Preliminary open interest was down 5,591 contracts, suggesting some shorts were covering. USDA’s national base hog prices from the Tuesday PM report was at $106.99, up 16 cents from the day prior. The CME Lean Hog Index was down another 36 cents on September 19 at $104.98.
NASS will release their quarterly Hogs & Pigs report on Thursday, with September 1 inventory seen up 0.3% from last year. Hogs kept for breeding are expected to be down 0.5%, with market hog inventory seen up 0.3%.
USDA’s FOB plant pork cutout report from Tuesday afternoon was back down 62 cents at $112.68 per cwt. The rib and ham primals were the only reported higher. USDA estimated federally inspected hog slaughter on Tuesday at 489,000 head, taking the weekly total to 979,000. That was up 1,000 head from last week and 9,669 head above the same week last year.
Oct 25 Hogs closed at $100.525, up $1.725,
Dec 25 Hogs closed at $90.725, up $1.975
Feb 26 Hogs closed at $91.925, up $1.225,
