Lean hog futures followed most of the ag markets lower on Monday. The October contract was the exception with a 12 cent gain for the day. The other nearbys were down by as much as 1.3%. The week’s cash trade was mostly unestablished on Monday. USDA’s National Average Morning Base Hog price increased 33 cents to $77.86. 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 followed hogs with a 2 cent gain in October to 95c losses in the other nearby contracts. USDA’s National Pork Carcass Cutout Value increased $2.67 to $100.96. The Monday FI hog slaughter was estimated at 485k. That compares to 468k head last week and 482k head during the same week last year.
Oct 23 Hogs closed at $83.250, up $0.125,
Dec 23 Hogs closed at $74.425, down $0.675
Oct 23 Pork Cutout closed at $94.425, up $0.025,
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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