In weighted average negotiated prices for barrows and gilts, USDA reported;
- National carcass base rose 13 cents to $76.38/cwt.
- National live increased by 20 cents to $58.85
- Iowa-Minnesota carcass base rose 90 cents to $77.84
USDA reported carcass cutout values this afternoon rose $1.44 to $87.04/cwt.
“The bullish trend is definitely still intact,” Virginia McGathey of McGathey Commodities said. She noted the data that showed a hard-hit Chinese herd helped the market today. “The market is expecting even more purchases from China. Volatility is here to stay, so the higher it goes, the more it could fall, but the market looks very good going forward.”
Estimates that China’s pork production could fall in a range of 15-30% have significantly helped the firm up the hogs today. “The trade is now seeming to lean towards the higher end of that range,” The Hightower Report said.