Lean Hogs Follow Monday Reversal

Lean hog futures traded both sides of UNCH on Monday. October futures were lower for most of the day, going home on a $1.30 loss. December was down 35 cents. The USDA National Average Base Hog price was $1.85 weaker on Monday afternoon at $89.43. The 9/8 CME Lean Hog Index was $99.57, after another 69 cent drop.   

USDA hiked projected pork production to 27.133 billion for calendar 2022. For 2023, USDA maintained the previous 27.52b lbs production estimate. 

Pork cutout futures were down 5 cents to $1 by the bell. USDA’s National Pork Carcass Cutout value for Monday afternoon was $105.71 after a $2.84 boost. CME set the Fresh Bacon Index at $181.86 for the week of 9/9 – down by $11.43. USDA estimates Monday’s FI hog slaughter at 483k head, up 13k from the same Monday last year. 

Oct 22 Hogs  closed at $91.875, down $1.300,

Dec 22 Hogs  closed at $82.775, down $0.350

Oct 22 Pork Cutout  closed at $101.950, down $1.000,