Lean Hogs Market Commentary

Lean hog futures posted triple digit losses in most contracts Thursday, with nearby Oct up 20 cents. October needs to stick close to the cash index as it expires today. The CME Lean Hog Index was up a penny on October 9 @ $69.34. The USDA pork carcass cutout value was 59 cents lower on Thursday afternoon at $78.61. The national base hog carcass value was 73 cents lower at $61.92. Week to date FI hog slaughter was estimated at 1.862 million head through Thursday. That is up 1,000 head from last week and 17,000 head above the same week last year. USDA estimated pork production for 2018 was cut by 250 million pounds to 26.425 billion pounds, on large reductions to 3rd and 4th quarter production. Estimated pork production for 2019 was trimmed 65 million lbs to 27.81 billion pounds.

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