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.
