Hogs Close with Limit Loss

Dec hog futures closed limit down at the end of the session. The other front months were down $0.57 to $1.60 on the day. The expanded limit for tomorrow’s round is $4.50. The CME Lean Hog Index for 10/20 was $78.69, up by 7 cents. USDA’s National Average Base Hog price dropped $2.76 to $60.57. The weekly Export Sales report had pork bookings at 26,800 MT for the week ending 10/15. That was even with last week’s sales but 40% above the same week last year. Shipments of 36,604 MT brought the 2020 total to 1.521 MMT. That is 25% above 2019’s pace. Pork shipments to China account for 38% of the total. USDA’s National Pork Carcass Cutout value was 68 cents stronger in the PM report at $98.84. Pork stocks in September were 466.474 million lbs from the Cold Storage report. That was just 0.22% above August and the lowest Sept since 2010. Belly stocks were a 2020 low 24.876 million lbs, and down 39% yr/yr. Hog slaughter through Thursday was estimated at 1.949m head. That is down from 1.958 LY.

Dec 20 Hogs closed at $66.200, down $3.000,

Feb 21 Hogs closed at $66.850, down $1.600

Apr 21 Hogs closed at $69.700, down $1.100

--- provided by Brugler Marketing & Management




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