On Monday, October lean hog futures declined by 12 cents while nearby contracts increased between $1 and $1.10. The national average base hog price was not reported, maintaining a 5-day rolling average of $77.32. The CME Lean Hog Index stood at $84.83 on October 3, a decrease of 7 cents from the previous day. Managed money in lean hogs added 5,447 contracts for a net long position of 57,052 as of October 1.
China reported an 8% year-over-year decrease in August hog slaughter to 24.4 million head. The USDA’s FOB plant pork cutout value increased by $2.17 to $96.48 per cwt. Additionally, the estimated FI hog slaughter for the previous week was 2.586 million head, up 34,000 from the prior week and 11,431 from the same week last year.
Key future prices include October Hogs at $83.900 (down $0.125), December Hogs at $77.250 (up $1.100), and February Hogs at $80.875 (up $1.050).
