Front month lean hog futures ended the Thursday session mostly higher with 12 to 77 cent gains across the active months. October futures were a nickel lower at the settle before tomorrow’s expiration. The National Average Base Hog price for Thursday afternoon was $73.61, down by 69c. The 10/10 CME Lean Hog Index was $82.40 after a 14c increase.
The monthly outlook for pork production set the 2023 total output at 27.289b lbs, +130m from Sep. USDA raised Q3 by 45 and Q4 by 85m. The WASDE data had Q1 of 2024 330m below the Sep figure, but Q2 was 245m higher. On net 2024 was figured 560m lbs above Sep’s estimate and 606m above the new 2023 figure.
Pork cutout futures settled the day from 17c weaker to 5c stronger. October contracts roll off the board tomorrow. USDA’s National Pork Carcass Cutout Value dropped by 25c to $92.14 cwt. in the PM report. Federally inspected hog slaughter was estimated at 1.942m head for the week through Thursday. That compared to 1.935m last week, but trails the 1.963m during the same week last year.
Oct 23 Hogs closed at $82.100, down $0.050,
Dec 23 Hogs closed at $70.100, up $0.125
Oct 23 Pork Cutout closed at $92.725, up $0.050,