Hog Futures Down at Midday

Hogs are giving back some of yesterday’s triple digit gains. At midday futures are down by 67 to $1.05. The CME Lean Hog index for July 8 was 17 cents lower to $45.18. The Chinese Dalian lean hog futures contract launched a preliminary test round of trading on Friday. The official release date for the contracts has not yet been established. The National Average Afternoon Base Hog price was $0.17 lower to $29.91. In the monthly WASDE updates, USDA estimates 2020 pork production at 28.536b lbs. That is up 770m from June’s 27.766 billion lbs. 3Q was 310 million above the June estimate and 4Q was increased 325 million lbs to 7.485 billion. USDA’s National Pork Carcass Cutout Value jumped $4.01 to $71.13. All of the primals were higher, led by hams which were $7.98 higher. USDA’s estimate for WTD FI hog slaughter through Thursday is 1.857 head. That compares to 1.867m head last week and 1.902 million from the same week a year ago.

Aug 20 Hogs are at $49.550, down $0.675,

Oct 20 Hogs are at $49.500, down $1.050

Dec 20 Hogs are at $51.700, down $0.900

--- provided by Brugler Marketing & Management

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