Most ag markets are trading weaker through Monday, including 40 to 70 cent losses for the front month lean hog futures. The October contract is the exception with a midday gain of 10 cents so far. USDA’s National Average Morning Base Hog price was up 75 cents to $78.26. The CME Lean Hog Index for 9/13 was another 46 cents higher to $86.94.
Chinese Custom’s data had 110k MT of pork imports for August. That was down 21% from Aug ’22. The year-to-date total was 9.6% above 2022’s pace with 1.17 MMT through August.
Pork cutout futures are also down by 20 to 97 cents at midday, save for the October contract’s 10c gain. USDA’s National Pork Carcass Cutout Value was $5.75 higher to $104.04. Butts and hams missed out as each of the other cuts were up by at least $5.
Oct 23 Hogs are at $83.225, up $0.100,
Dec 23 Hogs are at $74.650, down $0.450
Oct 23 Pork Cutout is at $94.850, up $0.450,
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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