Lean hog futures fell significantly on Wednesday, with contracts decreasing by 15 to 67 cents, despite October seeing a 60-point increase. The USDA reported a national base hog price of $79.65, down 25 cents from the previous day, while the CME Lean Hog Index declined by 50 cents to $82.92 as of September 21. Open interest rose by 2,122 contracts.
The USDA’s quarterly Hogs & Pigs report is anticipated later today, with expectations of a 0.8% decrease in the September 1 inventory of all hogs compared to last year. The June to August pig crop is projected to decline by 1%, with farrowings down by 1.7%. Weekly federally inspected hog slaughter is estimated at 1.433 million head, which is a decrease of 25,000 head from last week and 16,080 head short of the same week in the prior year.
As for market closures, October 26 Hogs ended at $79.875 (up $0.600), December 26 Hogs at $70.325 (down $0.675), and February 27 Hogs at $72.025 (down $0.525). The USDA’s pork carcass cutout value decreased by $1.17 to $86.82, with all primals reported lower.
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