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Cash Hogs Continue to Drop



December 2023 Lean Hogs settled at $68.97 on December 29th.  The CME Lean Hog Index is at $71.66.  Cash hogs continue to drop faster than pork which also is moving down. Packer margins are improving and packers are keeping slaughter at the levels where they maintain profits and killing no more than needed. Trading was light Wednesday with the few speculators still in December getting out and moving to 2024 contacts.


Trading slowed Wednesday. Essentially futures trade has shifted 2024. Traders are expecting boxed beef volatility for December 2023 and with the majority of speculators out of December, the few speculators left with the hedgers will decided to keep or drop contracts before first notice day.  The larger speculators could stand aside during December. The spread between Choice boxed beef and Select has been widening.

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