Lean Hog Futures See Moderate Gains Amid Mixed Market Signals

Price Updates and Market Analysis for October 24

On Tuesday, lean hog futures experienced modest gains, increasing by as much as 85 cents. The national average base hog price rose to $77.11, a $1.89 increase from the previous day. The CME Lean Hog Index was reported at $84.23 on October 18, reflecting a 27-cent uptick from the day before.

The USDA reported the FOB plant pork cutout value at $97.27 per cwt in its Tuesday afternoon release. This marked a decrease of 97 cents compared to the previous day. Price declines were noted in varying cuts of pork, with losses ranging from $1.22 to $4.04; the loin led these declines. The USDA also estimated Tuesday’s federally inspected hog slaughter at 488,000 head, bringing this week’s total to 976,000 head. This amount represents an increase of 16,000 head from the week prior, and 7,236 head more than the same week last year.

Dec 24 Hogs closed at $79.125, gaining $0.850.

Feb 25 Hogs closed at $82.800, up $0.550.

Apr 25 Hogs closed at $86.225, an increase of $0.300.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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