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Lean hog futures fell $1.05 to $1.87 on Wednesday, with the USDA national base hog price down $2.90 to $42.49 and the CME Lean Hog Index down 76 cents to $64.99 on November 2. The pork carcass cutout dropped $3.14 to $69.29, its lowest since December 2020, while US pork exports in September totaled 514.5 million lbs, down 5.7% year on year.
A cutout at its lowest level since 2020 and weak export volumes reduce packer demand for hogs, pulling live hog futures lower and reducing producer incentive to expand herds, which trims future feed demand. Pressure is broad across primals, so the bearish price trend is likely to persist near term.
barchart.comAustin SchroederNov 4, 2026Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
