The hog futures market ended Tuesday with triple digit gains of 3.3%. The October contract finished at an $8.40 premium to Dec and a $5 premium to the Feb contract. The National Average Base Hog price fell 61 cents on Tuesday to $78.56. The 9/08 CME Lean Hog Index was back down by a dime to $86.17.
USDA cut estimated Q3 pork production 65m lbs and Q4 40m lbs lower for a 27.159b lb 2023 production. 2024 remained unchanged at 27.335 billion.
Pork cutout futures closed $0.47 higher in April but $2.05 stronger in the October contract. USDA reported the National Pork Carcass Cutout Value at $101.20, up by $1.75. USDA estimated the Tuesday FI hog slaughter at 477k head, for a week to date total of 945k head. That is down from 960k head during the same week last year.
Oct 23 Hogs closed at $85.275, up $2.725,
Dec 23 Hogs closed at $76.900, up $2.250
Oct 23 Pork Cutout closed at $95.900, up $2.050,
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. For more information please view the Barchart Disclosure Policy here.
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