Lean hog futures were mixed, with expiring December down $0.07 while other contracts rose $0.30–$0.50 (Dec $83.325, down $0.075; Feb $84.525, up $0.350; Apr $89.600, up $0.375). USDA data showed the national base hog price slid $1.11 to $70.93, the CME Lean Hog Index was up $0.41 at $82.57 and the pork carcass cutout fell $0.30 to $98.54/cwt even as loin, butt and belly primals strengthened. Estimated federally inspected hog slaughter was 494,000 head on Thursday, taking week-to-date slaughter to 1.965 million head (up 22,000 vs. last week and 37,121 year‑over‑year), signaling heavier supply that is pressuring nearby cash values despite firmer deferred futures.
Lean hog futures were mixed on publication: expiring December traded down roughly $0.07 while other contracts gained $0.30–$0.50. Specific quotes showed Dec 25 at $83.325 (down $0.075), Feb 26 at $84.525 (up $0.350) and Apr 26 at $89.600 (up $0.375), reflecting firmer deferred forward curves. USDA cash metrics were divergent: the national base hog price fell $1.11 to $70.93 while the CME Lean Hog Index rose $0.41 to $82.57; the pork carcass cutout declined $0.30 to $98.54/cwt even as loin, butt and belly primals strengthened. Federally inspected hog slaughter was estimated at 494,000 head on Thursday, taking the week-to-date total to 1.965 million head, up 22,000 versus last week and 37,121 year‑over‑year. The combination of higher slaughter and a weaker national base price points to near‑term supply pressure on cash values even as deferred futures imply expectations of firmer spring pricing. Investors should watch weekly slaughter trends, carcass cutout direction and cash-to-index spreads for signs the near‑term oversupply is abating before adding material long exposure.
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