# A Third Gone Since July: Contract-Low Hogs Cut Both Ways for Smithfield Foods (NASDAQ:SFD) and Hormel (NYSE:HRL)

> December lean hogs settled at 56.025 cents per pound on Wednesday 11 November, up 0.225 cents, after touching a contract low of 53.175 on 6 November. Hog futures have lost about a third of their value since late July, and the pork cutout fell to its lowest level since December 2020. US pork exports in September also fell sharply from a year earlier.

- Date: 2026-11-12 · published 2026-11-12T12:07:29.983Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/95369-a-third-gone-since-july-contract-low-hogs-cut-both-ways-for-smithfield-foods
- Commodities: [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Meat & Bone Meal](https://feedsoft.ai/c/MBM.md)

## Why it matters

Weak domestic and export pork demand is pushing hog prices down, which lowers hog-side costs for packers while squeezing producer margins. For feed buyers, falling hog values point to reduced hog-herd incentives and softer meat-and-bone meal and feed demand from pork producers.

## Read by commodity

- MBM: bearish ▼
- HOGS: bearish ▼

## Sources

- kalkine.com.au: https://kalkine.com.au/news/commodities/a-third-gone-since-july-contract-low-hogs-cut-both-ways-for-smithfield-foods-nasdaqsfd-and-hormel-nysehrl

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.