Lean hog futures are starting the new week with triple digit weakness of as much as $3.05 at midday. That is a new low for the month of November in the Feb contract. The USDA National Average Base Hog Price was down another 66 cents to $81.73. The CME Lean Hog Index was $85.56, down another 61 cents, on 11/23.
Pork cutout futures are also down by triple digits with $0.80 to $2.90 losses at midday. USDA reported the AM pork carcass cutout as $97.43 after a $9.80 increase. Bellies were up the most with a $36.90 increase to $130, and picnics were $17.76 higher in the AM report. USDA estimated the week’s FI hog slaughter at 2.23m head through Saturday. That is below last week due to the Thanksgiving holiday, but is 32k head below the same week last year. USDA had the YTD hog slaughter at 112.977m head, a 2.9% lag behind last year’s pace. Â
Dec 22 Hogs  are at $82.350, down $1.425,
Feb 23 Hogs  are at $85.750, down $2.750
Dec 22 Pork Cutout  is at $91.400, down $0.800,
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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