Lean Hogs Still Probing Support

Lean hog futures gained 77 cents to $1.00 for the day, save for Dec futures which finished 47 cents lower. Basis firmed 27 cents as the CME Lean Hog Index dropped 20 cents, to $60.16 for 11/05.. The weekly export sales report showed 33,545 MT were shipped, which was 3.2% above last week, and 32.7% above the same week last year. China continues to ship larger quantities each week. USDA’s pork carcass cutout value was 30 cents lower. The national average base hog price was was lower by 23 cents, closing at $45.21. The week to date USDA estimated Hog slaughter is 1.895 million head. The weekly hog slaughter under federal inspection for the week ending 10/26 saw 2,690,305 million head (4.97% above the same week last year) at an average dressed weight of 213 lbs.

--provided by Brugler Marketing & Management

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