Hogs Lower at Close

At the closing bell for the midweek session, lean hog futures were a nickel to 82 cents weaker. Dec is once again premium to Feb. The October 19 CME Lean Hog Index was $78.62, up by 35 cents. USDA’s National Average Base Hog price was back up by $1.38 in the afternoon update at $63.22. USDA’s National Pork Carcass Cutout value was $1.25 higher on 10/21 to $98.16 cwt. Hams were up $16.63, but the other primal cuts were mostly lower. Looking ahead to the 2021 Lunar New Year celebration in China, pork prices are currently running 30% higher yr/yr. China’s September pig herd was 370m head, which was down 16% from 2017. The Ag Ministry set a goal to maintain at least 80% of normal levels by the year end. They anticipate that pork prices for that holiday period will be lower due to both improved production and heavy imports. Federally inspected hog slaughter for the week through Wednesday is 1.457 million head. That is 2k head higher wk/wk, but 13,000 below the same week last year.

Dec 20 Hogs closed at $69.200, down $0.050,

Feb 21 Hogs closed at $68.450, down $0.825

Apr 21 Hogs closed at $70.800, down $0.600

--- provided by Brugler Marketing & Management




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