Hogs Firm at Midday

Hogs Firm at Midday 

October hog futures are trading $1 weaker through midday as the other nearbys are up 2 to 22 cents. The USDA National Average Base Hog price for Friday afternoon was $3.70 weaker to $91.28. The 9/7 CME Lean Hog Index was $100.26, after another $1.22 drop.  

September’s monthly pork production estimates led to a 55m lb increase for Q3 of 2022 output – now at 27.133 billion for the whole year. Looking ahead to 2023, USDA maintained the 27.52b lbs production. 

Pork cutout futures closed weaker in the October contract on Friday, but up 10-20 cents in the other nearby contracts. USDA’s National Pork Carcass Cutout value was $0.43 stronger in the Friday report to $102.87. USDA reported their estimated federally inspected hog slaughter for the week through Saturday was 2.243m head after Labor Day. That is 5,000 head lighter than the same week last year, as the YTD pace trails last year by 3.3%. 

Oct22 Hogs  are at $92.175, down $1.000,

Dec 22 Hogs  are at $83.075, down $0.050

Dec 22 Pork Cutout  is at $93.650, down $0.150,