Hogs Close Steady on Monday

December lean hog futures dropped triple digits out of the weekend, but the other front months closed mixed and within a dime of UNCH. December hogs are now a $2.52 discount to the Feb contract. The USDA National Average Base Hog Price for Monday was 29 cents higher to $89.18. The 10/20 CME Lean Hog was $94.05, up by 29 cents. 

NASS’s Cold Storage report showed 537.879m lbs of pork in the cooler on September 30. That was down slightly from 538.6m lbs in August, but was a 14.5% increase yr/yr – August was 18.8% above August ’21. 

China’s Customs data had Sep pork imports at 150k MT. That was down 26.5% compared to Sep ’21. Their YTD pork import was 61.2% lighter at 1.94 MMT. 

Front month pork cutout futures closed the Monday session 2 to 25 cents in the red. The USDA Pork Cutout Value was $101.93 this afternoon, up by 99 cents. CME’s Fresh Bacon Index was $183.62 for the week of 10/21, up by $5.53. USDA estimated FI hog slaughter at 491k head for Monday, matching last week and up by 8k head from the same week last year. 

Dec 22 Hogs  closed at $87.925, down $1.200,

Feb 23 Hogs  closed at $90.450, down $0.075

Dec 22 Pork Cutout  closed at $97.750, down $0.250,