Hogs Fall on Wednesday, with Pork Hitting Another 6-Year low

Lean hog futures continues to face weakness on Wednesday with contracts down $1.05 to $1.87 at the close. USDA’s national base hog price was reported at $42.49 in the Wednesday afternoon report, down $2.90 from the day prior. The CME Lean Hog Index was down another 76 cents on November 2 at $64.99.

US pork exports during September totaled 514.5 million lbs according to Census data converted to a carcass basis, down 5.7% from last year and 0.3% below August. 

USDA’s pork carcass cutout value was down $3.14 in the Wednesday PM report, at $69.29. That was the lowest price since December 2020 and the lowest seasonal level for early November since 2009. All primals were reported lower. Federally inspected hog slaughter for Wednesday was estimated at 495,000 head, with the weekly total at 1.473 million head, after a 7,000 head revision to Tuesday. That is 13,000 head above last week but 2,885 head below the same week last year.

Dec 26 Hogs  closed at $57.550, down $1.050,

Feb 27 Hogs  closed at $62.300, down $1.225

Apr 27 Hogs  closed at $68.325, down $1.050,

On the date of publication, Austin Schroeder did not directly have a position 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.