Lean Hog Futures See Mixed Gains Amid Declining Prices

Market Overview

Lean hog futures are showing gains between 5 to 22 cents as midday trading continues on Thursday. However, the national average base hog negotiated price has dropped to $80.78, down $3.35 from the previous day. The CME Lean Hog Index also reflects this decline, reported at $83.61 on December 10, which is a 28-cent increase from the prior day.

Export Sales Report Highlights

The USDA’s Export Sales report today indicated total pork bookings of 22,460 MT for 2024 and an additional 4,574 MT for 2025 during the week of December 5. This brings the combined sales to 27,034 MT, representing a 3-week low, and is 44.2% below the same week last year. Notably, Mexico purchased 9,400 MT, while Japan accounted for 5,600 MT. On the shipment front, 33,755 MT were sent out, a five-week high, with 14,700 MT destined for Mexico and 3,900 MT for South Korea.

Pork Cutout Values and Slaughter Figures

This Thursday morning, the USDA reported a decrease in the FOB plant pork cutout value, down 83 cents to $92.04 per cwt. Values for the loin and belly cuts fell, with the belly seeing the largest drop of $10.67. As for slaughter rates, the USDA estimated the Wednesday federal inspection (FI) hog slaughter at 487,000 head, totaling 1.464 million for the week. This figure is 1,000 head lower than last week but up by 35,040 head compared to the same week last year.

Current Lean Hog Prices

Dec 24 Hogs are at $83.550, up $0.050.

Feb 25 Hogs are at $84.425, up $0.050.

Apr 25 Hogs are at $88.475, up $0.225.

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

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.