Lean Hogs to Follow Undecisive Monday

A back and forth Monday session ended with a mostly higher board. October went home 42 cents weaker, but stayed in a $1 range during the day. The other front months closed higher with gains of 17 to 27 cents. The USDA National Average Afternoon Base Hog price for Monday was $1.30 higher to $92.16. ECB prices were $90.12 compared to $97.92 in the WCB. The CME Lean Hog Index was $97.97 on 9/15, up by 20 cents. 

China’s August pork imports were 140k MT according to their Customs data. That was down 50% from August 2021, and left the full year total 64% lighter yr/yr at 1.07 MMT. 

Pork cutout futures closed the first trade day of the week with 10 to 30 cent gains. USDA’s National Pork Carcass Cutout value was down by 51 cents in the PM report to $105.88. The CME Fresh Bacon Index was $185.12 (+ $3.26) for the week of 9/16. USDA estimated the Monday FI hog slaughter at 484,000 head. That is up from 475k head last week and from 465k head during the same Monday last year.  

Oct22 Hogs  are at $96.475, down $0.425,

Dec 22 Hogs  are at $88.150, up $0.175

Oct 22 Pork Cutout  is at $105.350, up $0.300,