Nearby hog futures were $0.35 to $2.27 weaker on Monday, follow through losses after Friday’s limit drop. For Dec, that was just $2 above the May low. The back month contracts were firmer with a 22 cent gain for Feb ’24. USDA’s National Average Base Hog price was $1.98 weaker to $72.37. The CME Lean Hog Index for 9/28 was $85.58, down by 56 cents.
Pork cutout futures were also lower on follow through, though October was down just a tick. USDA’s National Pork Carcass Cutout Value for Monday afternoon was $1.19 weaker to $96.04. The rib and ham were the only cuts reported higher. USDA estimated Monday’s federally inspected hog slaughter at 486,000 head. That is up 17,000 head from last week and is 20,000 head more than the same week last year.
Oct 23 Hogs closed at $79.850, down $0.350,
Dec 23 Hogs closed at $69.500, down $2.275
Oct 23 Pork Cutout closed at $91.325, down $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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