Hogs Closed Mostly Red

The lean hog market built up the already wide spreads on Wednesday as October ended a net 67 cents higher. The other front months closed red with a 42 cent dip in December to a $1.70 loss by June ’23. The October to December spread widened to $13.55, and the Dec to Feb carry tightened to $3.65. The National Average Afternoon Base Hog price was $4.09 weaker to $93.28 on Wednesday. The CME Lean Hog Index dropped 54 cents on 9/26 to $96.41. 

Pork cutout futures went home on Wednesday in a similar fashion with a 17 cent gain in October and a $1 loss in the April ’23 contract. USDA’s National Pork Carcass Cutout value bounced $1.76 in the PM report to $100.77. The week’s FI hog slaughter was estimated at 1.451m head through Wednesday. That is up from 1.447m head last week and from 1.412m head during the same week last year.  

Oct 22 Hogs  closed at $89.375, up $0.675,

Dec 22 Hogs  closed at $75.825, down $0.425

Oct 22 Pork Cutout  closed at $99.050, up $0.175,