Hog Market in Red

Pre-report positioning has front month lean hog futures down $0.45 to $1.15, save for Oct which is UNCH at midday. The CME Lean Hog Index was $72.89 on 9/22, up another $0.72. USDA’s National Average Morning Base Hog price for Thursday was 63 cents stronger @ $64.98. The average of analyst estimates for the Hogs & Pigs report this afternoon has USDA showing 78.675 million head for the national herd as of Sept 1. Hogs kept for breeding are estimated to be 2.5% lower yr/yr, and market hogs are forecasted 0.6% higher. June-August farrowings are estimated 4.3% lower yr/yr and the pig crop is forecasted to fall back 5%. Pork export sales from the week ending 9/17 were 37,788 MT. That was down 25% wk/wk, but up 17% yr/yr. USDA’s National Pork Carcass Cutout value was 77 cents higher to $89.74. USDA estimates the week’s FI hog slaughter is 1.45 million head through Wednesday. That is up 60,000 head yr/yr.

Oct 20 Hogs are at $69.500, unch,,

Dec 20 Hogs are at $63.300, down $1.050

Feb 21 Hogs are at $68.275, down $0.800

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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