Hog Outlook: USDA Market Reports Back to Work

US - USDA market reporters went back to work on Thursday. Hopefully, we will soon have the normal set of market reports, write Ron Plain and Scott Brown.
calendar icon 21 October 2013
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USDA has announced that the October Cattle on Feed report, which was scheduled for release on 18 October, has been postponed until 31 October. The monthly Cold Storage, Livestock Slaughter, and Chicken and Eggs reports will also be released on 31 October. The October Crop Production and WASDE reports have been cancelled. The next WASDE is scheduled for 8 November.

On the morning report today, the national weighted average negotiated carcass price for barrows and gilts was $89.33/cwt. That is 32 cents higher than USDA's last morning report on 30 September.

The western corn belt's morning market hog carcass price average was $90.78/cwt today. Iowa-Minnesota averaged $90.93/cwt. There was no morning price quote in the eastern corn belt. Peoria had a live price top this morning of $60/cwt, up $1 for the week. Zumbrota, MN was 50 cents lower than last Friday with a top at $61.50/cwt. Missouri country markets were $1.50 lower with a top at $62.25/cwt of live weight.

USDA calculations put this morning's pork carcass cutout value at $92.87/cwt, down $9.46 from their last morning report issued on 30 September. The average hog price is 96.2 per cent of cutout which is unusually high. Don't be surprised if packers lower their bids next week.

USDA says that today's hog slaughter totaled 430,000 head. They predict 135,000 will be slaughtered tomorrow. Trade estimates put this week's total hog slaughter at 2.301 million head. That is up 0.5 per cent from the week before, but down 3.4 per cent from a year ago.

Testing data from the National Animal Health Laboratory Network says that as of October 6, the Porcine Epidemic Diarrhea virus has been found in 768 swine premises in 18 states. This is an increase of 44 locations and one state, Kentucky, from the week before. There is an unknown amount of double counting in this data.

The December lean hog futures contract settled at $87.95/cwt today, up $1.45 from the previous Friday. February hog futures ended the week at $90.05/cwt, up $1.15 from the week before. April hogs settled at $89.85. June close at $95.65/cwt.

The December corn futures contract ended the week at $4.415/bushel, down 5 cents for the week. March corn settled at $4.54/bushel down 0.5 cent from the previous Friday. May corn futures ended the week at $4.62/bushel.

The December soybean meal contract ended the week at $410.10 per ton, up $6.70 from the previous Friday. January meal settled at $405.60, up $4.70 for the week. March meal settled at $394.90 per ton.

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