Midweek lean hog trading came to a close with front month futures bouncing back from early week weakness. Prices moved 32 to 90 cents higher, but June is still about $3 from the LOC high. USDA’s National Average Base Hog price for Wednesday PM was a $1.67 weaker to $115.73. The WCB base hog price was $119.79, compared to $110.74 for ECB hogs. The May 10th CME Lean Hog Index was another 63 cents higher to $110.73.  

USDA trimmed expected 21 pork production, with 15-20 million pounds reduced to each quarter. On net pork production is forecasted 54m lbs lighter to 28.221 billion pounds. 

Pork cutout futures closed with gains of 37 cents to $1.07. USDA’s National Pork Carcass Cutout Value was $114.11 in the PM report up by 91 cents. Hams were quoted lower, though offset by a $7.77 increase to ribs, now at an even stronger all time high of $266.93 cwt. USDA estimates the week’s running hog slaughter at 1.448 million head through Wednesday. Last week’s pace was 1.45m head through Wednesday.  

Jun 21 Hogs  closed at $112.025, up $0.850,

Jul 21 Hogs  closed at $111.925, up $0.500

May 21 Pork Cutout  closed at $114.475, up $0.500,