Midday Update: Lean Hog Futures Show Mixed Movements
At midday, lean hog futures reflect a rise of 50 to 75 cents, while the soon-to-expire October contract slipped slightly. The national average base hog price has not been reported this Friday morning due to low trading volumes, but the 5-day rolling average remains at $75.52. Meanwhile, the CME Lean Hog Index stood steady at $84.47 as of October 9, unchanged from the previous day.
Market Insights: Pork Cutout and Slaughter Data
The USDA reported the FOB plant pork cutout value at $95.37 per hundredweight, marking an increase of 50 cents from the day before. Only the picnic and loin cuts experienced a decrease. Additionally, USDA’s estimate of Friday’s hog slaughter reached 487,000 head, bringing the total for the week so far to 1.928 million head. This figure shows a decline of 5,000 head compared to the previous week and is down 7,361 head from the same time last year.
Current Hog Futures Highlights
Oct 24 Hogs: $84.000, down $0.025
Dec 24 Hogs: $77.700, up $0.750
Feb 25 Hogs: $81.075, up $0.675
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 more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
