Lean Hog Futures Extend Decline as Cash Losses Persist

Lean hog futures continued their downward trajectory Thursday, with contracts settling 87 cents to $2.45 lower at the close. USDA’s national base hog price was reported at $41.79 in the Thursday afternoon release, down 70 cents from the prior session. The CME Lean Hog Index fell another $1.06 on November 3 to $63.93.

Export sales data showed 37,338 metric tons of pork sold for 2026 shipment during the week of October 29, retreating from the previous week’s 26-week high. Actual exports for the period totaled 35,234 metric tons.

USDA’s pork carcass cutout value declined 30 cents in the Thursday afternoon report to $68.99, with the loin, ham, and belly primals all reported lower. Federally inspected hog slaughter for Thursday was estimated at 494,000 head, bringing the weekly total to 1.967 million head. That represents 35,000 head more than last week but remains 27,164 head below the same week last year.

December 2026 hogs closed at $55.100, down $2.450.

February 2027 hogs closed at $60.175, down $2.125.

April 2027 hogs closed at $67.125, down $1.200.

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