Monday closed with lean hog futures $2.55 to $2.72 higher. For December that took prices back to the highest level since 9/23, and it took the summer ’23 contracts to $100+ prices. The National Average Base Hog price from the PM report was $1.56 weaker to $86.24. The CME Lean Hog Index was 42 cents stronger on 10/13 to $93.09.
Pork cutout futures also rallied out of the weekend, closing Monday $2.47 to $2.67 in the black. The Pork Cutout Value was $103.50 in USDA’s PM update, up by $1.64. Bellies were up $11.81 to $146.40. The CME Fresh Bacon Index was $178.09 for the week that ended 10/14, up from $159.02 the week prior. The USDA estimated FI hog slaughter at 491k head for Monday, up from 488k head last week and 473k head from the same week last year.
Dec 22 Hogs closed at $84.950, up $2.700,
Feb 23 Hogs closed at $85.975, up $2.550
Dec 22 Pork Cutout closed at $95.225, up $2.675,
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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