The national average negotiated barrow and gilt purchase price on the morning report today was $72.23/cwt, down 23 cents from last Friday. The western corn belt and Iowa-Minnesota both averaged $73.82/cwt. for negotiated purchases this morning. There was no eastern corn belt negotiated price quote this morning.
Peoria had a top live price today of $48/cwt, $1 lower than last Friday. The top price today for interior Missouri live hogs was $52.75/cwt, unchanged from the previous Friday.
This morning's pork cutout value was $80.48/cwt FOB the plants. That is down $1.82 from the week before. Loin and ham prices were lower this week and bellies higher.
This morning's national negotiated hog price equaled 89.7% of the cutout value.
Through Thursday hog slaughter totaled 1.696 million head, up 1.3% from the same four days last week and up 4.0% from the same days last year.
The average live slaughter weight of barrows and gilts in Iowa-Minnesota last week was 278.6 pounds, down 0.8 pound from a week earlier and down 6.4 pounds from a year ago. This was the fourteenth consecutive week with weights lighter than last year.
The July lean hog futures contract closed today at $78.77/cwt, up $3.32 for the week. August hog futures ended the week at $76.37/cwt, up $3.55 from the week before. October hogs gained $2.95 this week to close at $66.27/cwt. The December contract settled at $63.80/cwt.
Corn futures were strongly higher this week with nearby contracts up over 30 cents from last Friday. The July contract settled at $4.20/bushel on Thursday and December closed at $4.37/bushel.
Source: AGEBB