Lean hog futures are trading higher this morning after settling mixed on Tuesday. USDA’s national base hog price had a weighted average of $111.81 on Wednesday morning, up $1.45 from the day prior. The CME Lean Hog Index was down 6 cents at $107.19 on July 14.
USDA’s FOB plant pork cutout value for Wednesday morning was 33 cents higher at $114.35. Pork belly quotes were another $3.33 per cwt higher, with firmer rib and picnic prices also supporting the cutout. Tuesday’s estimated hog slaughter was 474,000 head according to the USDA, taking the weekly total to 941,000. That was 6,000 head below last week and 13,913 head lower than the same week last year.
