Lean Hog Futures Edge Higher Friday; Pork Cutout Falls to Lowest Since 2020

Lean hog futures settled modestly higher on Friday, with contracts up 2 to 45 cents, though the December contract remained down $1.35 for the week. USDA's pork carcass cutout value fell $1.14 in the Friday afternoon report to $74.09, its lowest level since 2020. USDA's national base hog price was reported at $67.40 Friday afternoon, up 92 cents from the prior day. The CME Lean Hog Index declined another 67 cents on October 21 to $72.15. Commitment of Traders data showed managed money trimmed just 955 contracts from its large net short position, leaving 41,133 contracts as of Tuesday, October 20. Cold Storage data showed 427.81 million pounds of pork stocks at the end of September, down 0.83% from August but 8.77% above the same month last year. Federally inspected hog slaughter was estimated at 2.615 million head through Saturday, up 62,000 from last week. December 2026 hogs closed at $65.575, up $0.025. February 2027 settled at $67.625, up $0.200, and April 2027 closed at $72.675, up $0.225.