Hog Market Mixed at Midday

Front month lean hog futures are trading lower through Dec and in May ’21, but Feb and April ’21 are up 15 and 7 cents respectively. The 08/10 CME Lean Hog index was $53.79 up by another 78 cents. USDA’s National Average Morning Base Hog price for Wednesday morning was 7 cents stronger at $37.50. From the August WASDE report, USDA expects 2020 pork production will be 28.36b lbs. That is down 179m lbs from the July estimate, via a 140m cut in 3Q20 production. 2021 pork production is expected to increase 0.7% yr/yr to 28.57b lbs – UNCH from July. USDA’s National Pork Carcass Cutout value was up $0.49 to $70.88. Hams were $14.04 higher in the AM quote to $61.88. USDA has the WTD hog slaughter at 915,000 head through Tuesday. That was 36k head above the week prior, but down 16k yr/yr.

Oct 20 Hogs are at $51.175, down $0.650,

Dec 20 Hogs are at $53.050, down $0.250

Feb 21 Hogs are at $60.700, up $0.100

--- provided by Brugler Marketing & Management

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