Hogs Dropping Triple Digits

Lean hog futures are down by as much as $2.05 so far in the nearby contracts. The 11/27 CME Lean Hog Index was $58.35 after a drop of 25 cents. 11/29 CME Fresh Bacon Index was at $139.58 following a 14.31% weekly drop. The USDA pork carcass cutout value was higher on Cyber Monday, with a $2.13 gain up to $83.98, with rib cuts being the biggest movers, having gained $10.33. USDA’s national average base hog price for 12/02 was $1.09 higher at $43.89. According to EuroStat, September pork exports from the EU were 37% higher yr/yr, riding on a monthly boom of exports to China, with UK’s Agriculture and Horticulture Development Board stating that Chinese pork purchases through September had more than doubled over last year and accounted for 58.5% of the of EU’s monthly pork exports. USDA estimated FI hog slaughter for last week’s holiday shortened week at 2.343 million head.

DEC 19 Hogs are at $60.750, down $1.275,

FEB 19 Hogs are at $66.125, down $2.050

APR 20 Hogs are at $72.550, down $1.375

---provided by Brugler Marketing & Management

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