Friday’s midday quotes show 22 to 77 cent losses across the front month hogs. October futures expire at the close. The National Average Base Hog price was $1.27 weaker for Friday morning at $72.19. The 10/10 CME Lean Hog Index was $82.40 after a 14c increase.
Export Sales data had 21k MT of pork bookings for the week that ended 10/5. That was a 9-wk low. Export shipments were 28k MT for a yearly total of 1.208 MMT.
The monthly outlook for pork production set the 2023 total output at 27.289b lbs, +130m from Sep. USDA raised Q3 by 45 and Q4 by 85m. The WASDE data had Q1 of 2024 330m below the Sep figure, but Q2 was 245m higher. On net 2024 was figured 560m lbs above Sep’s estimate and 606m above the new 2023 figure.
Pork cutout futures are mixed through midday, ahead of the October expiration. October contracts roll off the board at the close. USDA’s National Pork Carcass Cutout Value fell by $1.29 in the Friday AM update to $90.85. Federally inspected hog slaughter was estimated at 1.942m head for the week through Thursday. That compared to 1.935m last week, but trails the 1.963m during the same week last year.
Oct 23 Hogs are at $81.925, down $0.175,
Dec 23 Hogs are at $69.450, down $0.650
Oct 23 Pork Cutout is at $92.800, up $0.075,
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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