Hogs Close with Triple Digit Gains

Lean hog futures trading ended the with $0.97 to $2.72 gains ahead of the quarterly Hogs & Pigs report. The CME Lean Hog Index for 9/18 was $71.29, up another $1.71. USDA’s National Average Base Hog price from this afternoon’s update was $3.27 higher at $63.25. Frozen pork stocks from USDA’s Cold Storage report were the tightest for the month of August since 2011. USDA showed 4678m lbs of pork in the coolers, up 7 million from July. Frozen bellies stocks were down 11.8m lbs mo/mo to the lowest since October of 2018 @ 30.5 million lbs. USDA’s National Pork Carcass Cutout value was fell back $1.43 to $88.66 on weakness in hams. The primal cuts were all up by more than $1 cwt. save for a $16.45 drop in hams – the largest single day drop since June. USDA estimated Tuesday’s FI hog slaughter at 485,000 head. After a 7k head revision from Monday’s kill, WTD slaughter is at 963k. That compares to 914k from the same week in 2019.

Oct 20 Hogs closed at $68.325, up $2.725,

Dec 20 Hogs closed at $64.100, up $2.550

Feb 21 Hogs closed at $69.075, up $1.850

--- provided by Brugler Marketing & Management




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