Lean hog futures are posting 45 to 75 cent gains across the front months on Wednesday. The USDA national average base hog negotiated price was reported at $87.54 on Wednesday morning, down another $0.69 from the day prior. The CME Lean Hog Index for March 24 was up 11 cents from the previous day at $88.90.

Cold Storage data was released on Tuesday afternoon, with NASS showing 423.137 million lbs of pork stocks on hand at the end of February that is a 3.9% increase from January but down 7.75% from last year’s total and the tightest stocks for the month since 1997.

The quarterly Hogs & Pigs report will be released on Thursday, with traders surveyed by Reuters looking for all inventory as of March 1 at 75.587 million head, up 1.2% from last year. That is widely expected to be via the marketing number, seen up 1.1% to 69.431 million head, with breeding hogs up 0.2% at 6.028 million head.

Wednesday morning’s FOB plant pork cutout from USDA was up $1.81 at $99.36 per cwt. The belly led the charge, up $10.77, with the ham the only primal be reported lower. USDA estimated Tuesday’s Federally inspected hog slaughter at 490,000 head, taking the weekly total to 963,000 head. That is down 12,000 head from last week after a revision to Monday and 1,027 head below the same week last year. 

Apr 25 Hogs  closed at $87.125, up $0.475,

May 25 Hogs  closed at $89.525, up $0.475

Jun 25 Hogs  closed at $96.975, up $0.725,