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Just noticed hog futures had a solid day on Wednesday - lean hog contracts up around 45 cents in the front months. USDA dropped their national base price at $85.13, which was a pretty decent jump of nearly $5 from Tuesday. What caught my eye was the CME Lean Hog Index hitting $82.03, up 27 cents. Pork cutout values also moved higher at $93.98 per cwt.
The slaughter numbers came in at 495,000 head for the day, bringing the weekly total to 1.404 million after some adjustments. Volume was down compared to last week but still running ahead of last year's pace. Looking at the contract closeouts - Feb hogs settled around $87.85, April moved up to $95.60, and May hit $99.27. Seems like there's some underlying strength in the hog complex right now, at least based on these recent price actions.