Lean hog futures were weaker on Wednesday, with losses of 75 to 85 cents, as August was up 7 cents ahead of Thursday’s expiration. Preliminary open interest was down 2,101 contracts. USDA’s national base hog price was reported at $110.48 on Wednesday afternoon, down $1.93. The CME Lean Hog Index was down 18 cents at $109.84 on August 11.
USDA’s FOB plant pork cutout report from Wednesday afternoon was back up $1.80 at $116.50 per cwt. The rib and ham were reported lower, with the rest higher led by the picnic and ham. USDA estimated hog slaughter at 478,000 head for Wednesday, taking the week to date total to 1.44 million. That was 68,000 head above last week but down 8,709 head from the same week last year.
