Pork Futures Rally on Wednesday Amid USDA Data Updates

Lean hog futures posted solid mid-day gains Wednesday, with the benchmark contract climbing between $1.15 and $1.95. While the USDA’s national base hog price was absent from the morning report due to insufficient trading volume, other market indicators painted a supportive picture for hog prices and related commodities.

CME Index Declines Further

The CME Lean Hog Index declined an additional 80 cents, closing at $82.81 on November 24. This ongoing weakness in the cash index contrasts with the strength seen in the futures market, suggesting potential divergence between physical and derivative pricing.

Pork Cutout Values Recover

USDA’s pork carcass cutout value rebounded 98 cents to reach $93.23 per cwt in Wednesday’s morning report. The recovery was broad-based, with the loin primal marking the sole exception to the upside move. This improvement reflects stronger demand dynamics in the processed pork market.

Slaughter Data Shows Minimal Variation

Federally inspected hog slaughter for Tuesday reached 492,000 head, bringing the weekly total to 987,000 head. This represents a marginal 1,000-head decline compared to the previous week, though the market remains ahead of year-ago comparisons by 2,192 head, indicating steady processing activity.

Forward Contracts Extend Rally

Looking ahead, hog futures contracts across multiple expiration dates reflected the day’s momentum. December 2025 hogs traded at $79.600, up $1.150, while February 2026 hogs advanced to $80.800, gaining $1.800. April 2026 hogs extended the rally further, reaching $84.900 with a $1.950 gain.

Markets will observe the Thanksgiving holiday on Thursday, resuming normal operations Friday with an early close expected.