Entrance month lean hog futures ended the Thursday consultation most commonly upper with 12 to 77 cent features around the energetic months. October futures had been a nickel decrease on the settle ahead of the next day to come’s expiration. The Nationwide Moderate Base Hog value for Thursday afternoon was once $73.61, down by means of 69c. The ten/10 CME Lean Hog Index was once $82.40 after a 14c building up.
The per month outlook for red meat manufacturing set the 2023 overall output at 27.289b lbs, +130m from Sep. USDA raised Q3 by means of 45 and This fall by means of 85m. The WASDE information had Q1 of 2024 330m beneath the Sep determine, however Q2 was once 245m upper. On internet 2024 was once figured 560m lbs above Sep’s estimate and 606m above the brand new 2023 determine.
Beef cutout futures settled the day from 17c weaker to 5c more potent. October contracts roll off the board the next day to come. USDA’s Nationwide Beef Carcass Cutout Worth dropped by means of 25c to $92.14 cwt. within the PM document. Federally inspected hog slaughter was once estimated at 1.942m head for the week thru Thursday. That in comparison to 1.935m closing week, however trails the 1.963m throughout the similar week closing 12 months.
Supply: Barchart
Oct 23 Hogs closed at $82.100, down $0.050,
Dec 23 Hogs closed at $70.100, up $0.125
Oct 23 Beef Cutout closed at $92.725, up $0.050,