Hogs Post Rebound on Wednesday

Pig Resting in Pen Hay

Lean hog futures closed the Wednesday trading session with gains of 7 cents to $1.42. The CME Lean Hog Index was down 20 cents at $91.32 on June 10.  USDA showed the National Base Hog weighted average price at $87.59 on Wednesday morning, up 9 cents from the day prior. 

WASDE data from this morning showed pork production raised by 40 million lbs for 2024, all coming from Q2. USDA is likely waiting for the Hogs & Pigs report later this month before adjusting the second half of the year. Projection for 2025 is projected at 28.4 billion lbs unchanged from last month. 

USDA’s Estimated Primal Cutout Value was back sharply lower in the PM report, down $4.64 to $99.01.  The picnic and butt were the only primals reported higher, as the belly gave back all of Tuesday’s gains, down $19.02.  USDA estimated Wednesday FI hog slaughter at 481,000 head, bringing the week to date total to 1.426 million head. That is down 20,000 head from a week ago but up 25,153 from a year ago.

Jun 24 Hogs  closed at $92.025, up $0.075,

Jul 24 Hogs  closed at $93.700, up $1.425

Aug 24 Hogs  closed at $89.950, up $0.850,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.