Lean Hog Futures Rally as USDA Reports Lower Cash Prices; October Contract Gains $1.13

Lean hog futures closed 32 cents to $1.20 higher across the board on Tuesday, September 22, 2026, led by the October contract, which settled at $79.275, up $1.125. The rally came despite softer cash fundamentals. USDA's national base hog price fell 45 cents to $79.90 in the Tuesday afternoon report, while the CME Lean Hog Index declined 60 cents to $83.42 on September 18. The pork carcass cutout value dropped 92 cents to $87.99, with the loin, belly, and rib primals posting declines. Federally inspected hog slaughter for Tuesday was estimated at 491,000 head, bringing the weekly total to 956,000 head — 14,000 below last week following a Monday revision and 6,606 head under the same week last year. The December 2026 and February 2027 contracts each closed $1.200 higher at $71.000 and $72.550, respectively.