Lean Hogs Futures Market News and Commentary
After hitting limit gains to start the week, lean hog futures are adding another 7 cents to $1 to the upside through Tuesday’s midday. USDA’s National Average Morning Base hog price for Tuesday was down 99 cents to $75.14. The 9/22 CME Lean Hog Index was $91.89, after a 76 cent drop.
Reports on the wire cited an ASF outbreak in an Eastern Russian farm.
Pork cutout futures are also adding to the upside with additional 30 to 90 cent gains. USDA’s National Pork Carcass Cutout Value was stronger this morning with a $1.63 recovery to $113.58. USDA estimated FI hog slaughter from Monday at 478k head. That is up 15k from last week but trails the same Monday last year by 22,000 head.
Oct 21 Hogs are at $90.100, down $0.150,
Feb 22 Hogs are at $85.225, up $0.800
Oct 21 Pork Cutout is at $107.650, up $0.700,