Cash hog prices were higher this week. The national average negotiated carcass price for direct delivered hogs on the morning report today was $117.11/cwt which is up $3.62 from the previous Friday. The western corn belt averaged $116.00/cwt this morning. There were no morning price reports for the eastern corn belt or Iowa-Minnesota. Peoria had a top live price today of $80/cwt. The top price Friday for interior Missouri live hogs was $83/cwt which was 75 cents higher than the previous Friday.
Friday morning's pork cutout value was $126.66/cwt FOB the plants, up $5.78 from the week before and up $18.95 from a year ago. This morning's hog carcass price averaged 92.5% of the cutout value.
Hog slaughter this week totaled 1.899 million head, down 0.8% from the previous week and down 4.0% compared to last year.
The average live slaughter weight of barrows and gilts in Iowa-Minnesota last week was 287.0 pounds. That was up 0.3 pounds from the week before and a record 12.0 pounds heavier than a year ago. It was the 63rd consecutive week with Iowa-Minnesota live hog weights above the year-earlier level and the second consecutive week with a record year-over-year increase in weight.
Hog futures were mostly lower this week. The July hog futures contract ended the week at $127.82/cwt, up 82 cents from the previous Friday. August hogs lost $2.12 this week to close at $129.15/cwt. The October contract ended the week at $109.72/cwt down $2.03 for the week. The December contract settled at $96.55/cwt.
This week's USDA Crop Progress report said that 76% of U.S. corn acres were in good or excellent condition on June 15. That is up 1 point from the week before and 12 points higher than on the same date last year.
The July corn futures contract gained 6 cents this week to close at $4.53. The September contract ended the week at $4.48, up 5 cents from the previous Friday. December corn futures ended the week at $4.52/bu.
Source: AGEBB