Cash Hog Fundamentals Remain Supportive

The national direct cash hog price firmed $8.29 on Tuesday, while the CME lean hog index is 33 cents firmer to $122.25 (as of Aug. 6). Cash sources signal packers are pulling hogs forward to fill near-term slaughter runs. Any pulling forward of animals is not only price-supportive near-term but would somewhat reduce the seasonal buildup in hog numbers relative to expectations through the end of the year.