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Headlines
- Lean hog futures experienced a decline, with contracts decreasing by up to 85 cents.
- The national average base hog price fell to $76.00, marking a $1.25 drop from the previous day.
- USDA's updates indicated a slight increase in pork production projections for 2024, with a notable rise in slaughter rates.
Export Sales data revealed pork bookings of 29,738 MT for the week of September 5, showing improvement from the previous week. However, shipments fell to 25,722 MT, marking the lowest weekly figure for the year. The WASDE update indicated a 5 million lb increase in pork production for 2024, raising the projection to 28.053 million lbs. This includes a 25 million lb rise in Q3 and a 20 million lb decrease in Q4. For 2026, USDA forecasts a total pork production of 28.505 billion lbs, down 45 million from last month.
In the Thursday PM report, USDA's FOB plant pork cutout value was up by $1.27, reaching $94.18 per cwt. While the picnic and ham cuts were lower, the remaining four primals saw increases ranging from $1.38 to $5.08. USDA estimated a Thursday hog slaughter of 483,000 head, bringing the weekly total to 1.36 million head. This figure is notably higher than the previous non-holiday week and 27,707 head above the same week last year.
