
Coming out of the weekend lean hog futures dropped sharply. Midday prices have the board back up to just 40 to 65 cents below their start. At the low, December was down by more than $3. USDA’s National Average Base hog price for Monday morning was $2.67 weaker to $78.90. The CME Lean Hog Index for 9/16 was down another 19 cents to $94.26.
China brought in 280k MT of pork during August, according to State Customs data. That was 21% below August 2020 and left the calendar year’s total at 2.9 MMT still outpacing 2020 by 1%.
Pork cutout futures are 22 to 70 cents in the red at midday. USDA’s National Pork Carcass Cutout Value was up $2.06 on September 20th to $107.47. Bellies were $19.79 stronger in the AM quote. USDA estimated FI hog slaughter at 2.537 million head for the week through Saturday.
Oct 21 Hogs are at $85.350, down $0.375,
Feb 22 Hogs are at $77.825, down $0.400
Oct 21 Pork Cutout is at $101.500, down $0.225,