On Monday, lean hog futures displayed mixed activity, with prices ranging from a 22‑cent gain to a 50‑cent decline. The USDA’s national base hog price was not reported that morning due to thin market volume. Meanwhile, the CME Lean Hog Index fell another 44 cents on September 24 to $81.76.
Managed money expanded their net short position in lean hog futures and options by 4,147 contracts for the week ending September 22, bringing the total short to 35,548 contracts.
The latest Cold Storage report showed pork stocks at the end of August totaling 436.27 million lb, up 12.03 % year‑over‑year but down 0.81 % from the prior month.
USDA’s pork carcass cutout value rose 52 cents in the Monday morning report to $87.26. The butt, rib, and belly primal cuts were the only ones to post declines. Federally inspected hog slaughter for last week was estimated at 2.552 million head—68,000 head above the prior week and 19,124 head higher than the same week a year ago.
Key futures levels: Oct ‘26 Hogs at $78.725 (+$0.500), Dec ‘26 Hogs at $69.000 (‑$0.025), and Feb ‘27 Hogs at $70.100 (‑$0.225).
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