The December hog contract is up 83 cents for the week into Thursday action. Lean hogs closed the midweek round with 7 cent gains in the thin October to $1.17 gains in December. Dec hogs closed near their highs at the highest print since 9/26. The National Average Base Hog price was $2.41 higher to $90.29 for Wednesday afternoon. The CME Lean Hog Index was 3 cents weaker to $92.95 for 10/10. Â
Pork production estimates from the USDA WASDE report had Q3 up by 15 raising the ’22 total to 27.148b lbs. In 2023, Q1 was 20m lbs lower and Q2 was down by 40m lbs. On net the 2023 total was 175m lbs lighter to 27.345b lbs of pork. The balance sheet then lowered imports as well and cut projected exports by 105m lbs to 6.389 billion. Domestic use was figured 25m lbs lighter raising stocks by 125 million.Â
Front month pork cutout futures closed Wednesday with $0.17 to $1.02 gains led by the Feb contract. The Pork Cutout Value from USDA’s PM report was $103.94, up by 79 cents. The USDA estimated FI hog slaughter at 1.468m head for the week through Wednesday. That is up 29k head from last week and is 38k head more than the same week last year.Â
Oct 22 Hogs  closed at $93.100, up $0.075,
Dec 22 Hogs  closed at $80.700, up $1.175
Oct 22 Pork Cutout  closed at $102.575, up $0.325,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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