Lean hog futures are trading with $1.50 to $2.75 gains across most contracts on Friday. USDA’s national base hog prices from the Friday morning report were up 18 cents from the day prior at $104.20. The CME Lean Hog Index was back up a 6 cents on September 24 at $105.06.
NASS released their quarterly Hogs & Pigs report on Thursday, with September 1 inventory down 1.35% from last year at 74.472 million head, well below estimates calling for a slight increase. Hogs kept for breeding saw a drop of 1.82% to 5.934 million head, below estimates, with the market hog inventory falling 1.31% vs. last year to 68.538 million head.
