The lean hog futures market has prices $1.40 to $1.90 lower at midday. CME’s Pork Cutout Futures are down triple digits as well with $1.45 to $1.52 losses. USDA’s National Pork Carcass Cutout value was $80.61 in the AM report. Rib primals were the lone increase. USDA’s Export Sales report showed a steady 42,519 MT of pork for 2020 booked on the week ending 11/5. China was the top purchaser with 50% of the total. Weekly data suggests that the 2020 pork export program is a new all time record, as the 38,126 MT pushed YTD shipments above 2019’s full year total. With still 8 weeks of business to report, accumulated exports sit at 1.634 MMT so far. USDA also reported about 16,100 MT sold for 2021 shipment. The CME Lean Hog Index for the 11th was 5 cents weaker at $71.32. USDA’s National Average Base Hog price was 33 cents stronger at $60.25. USDA’s estimate for FI hog slaughter for the week through Thursday was 1.932 million head.
| Dec 20 Hogs are at $64.400, down $1.400, |
| Feb 21 Hogs are at $64.850, down $1.875 |
| Apr 21 Hogs are at $68.650, down $1.700 |
| Dec 20 Pork Cutout is at $80.175, down $1.450, |
— provided by Brugler Marketing & Management
