The national average negotiated carcass price for direct delivered hogs on the morning report today was $126.91/cwt which is up $2.25 from the previous Friday, up $29.67 from a year ago, and the highest price since late March.
The western corn belt averaged $126.21 this morning. Iowa-Minnesota averaged $125.98/cwt on the morning report. There was no morning price quote for the eastern corn belt. Peoria had a top live price today of $87/cwt. Zumbrota topped at $88/cwt. The top price Friday for interior Missouri live hogs was $89.75/cwt which was 75 cents higher than the previous Friday.
This morning's hog carcass price averaged 94.9% of the cutout value.
The average live slaughter weight of barrows and gilts in Iowa-Minnesota last week was 285.0 pounds. That was unchanged from the week before and 11.6 pounds heavier than a year ago. It was the 65th consecutive week with Iowa-Minnesota live hog weights above the year-earlier level.
Hog futures were higher this week. The July hog futures contract ended the week at $131.72/cwt, up 82 cents from the previous Friday. August hogs gained $1.78 this week to close at $131.60/cwt. The October contract ended the week at $116.75/cwt up $5.85 for the week. The December contract settled at $102.85/cwt which was $7.25 higher than last Friday.
This week's USDA Crop Progress report said that 75% of U.S. corn acres were in good or excellent condition on June 29. That is up 1 point from the week before and 8 points higher than on the same date last year.
The July corn futures contract lost 26 cents this week to close at $4.17. The September contract ended the week at $4.095, down 33 cents from the previous Friday. December corn futures ended the week at $4.15/bu.
Source: AGEBB