It was a mixed day of trading in the hog market that left futures unchanged or higher. June marked the strongest gain and closed over $80 for the first time, and stopped just short of the contract high reached back in October. July was down a tick for the day while the rest of the market closed just above unchanged. The hog index was up $.34 at $75.89, and projected a nickel higher for Wednesday. Momentum in the cash market is trailing quickly trailing off.
The pork cutout value was at $90.30 on Tuesday, up $1.59 from Monday and more than $3 higher for the week. With the calendar bearing down on the summer BBQ season, the pork rib value has lead the cutout higher this week. The rib value jumped just over $10 on Tuesday to $150.46, or the highest levels since last June. Ribs make up just 5% of the carcass and this weeks move has added just $.53 to the total carcass value. Note in the chart that seasonal tops in the rib value in the last 3 years were scored in late May last year, and mid-June in 2014 and 2015.
