Lean hog futures concluded the trading session on Monday with notable declines across the board, as contracts finished between 42 cents and $1.70 in the red. This downward movement in futures prices emerged on March 25, 2025, according to data compiled by Barchart.
Futures Market Performance
Specific contract performances underscored the broader market weakness. The April 2025 Hogs contract settled at $85.700, marking a decrease of $0.425. Further out, the May 2025 Hogs contract closed at $88.550, down $1.100 from its previous close. The most significant decline was observed in the June 2025 Hogs contract, which finished the day at $95.800, representing a drop of $1.675.
Underlying Market Indicators
Despite the futures market’s decline, the USDA national average base hog negotiated price showed an upward trend. It was reported at $90.29 on Monday afternoon, an increase of $1.89 compared to the prior day’s figures. In contrast, the CME Lean Hog Index for March 20 registered a slight dip, falling 32 cents from the previous day to settle at $88.88.
Pork Cutout and Slaughter Data
The Monday afternoon FOB plant pork cutout, as reported by the USDA, saw a modest gain, rising 51 cents to reach $97.37 per hundredweight (cwt). A closer look at the primal cuts revealed mixed results: the ham primal was the only component to report lower prices, while the rib primal led the gains, climbing $4.58.
In terms of supply, the USDA estimated Monday’s Federally inspected hog slaughter at 488,000 head. This figure indicates a slight increase of 1,000 head from the previous Monday’s slaughter and a more substantial rise of 4,650 head compared to the same Monday in the prior year, suggesting an uptick in processing activity.
The day’s trading painted a complex picture for the hog market, with futures contracts retreating while certain cash prices and pork cutout values showed resilience. The increase in federally inspected slaughter figures points to robust supply, which could influence market dynamics in the near term, even as the CME Lean Hog Index experienced a minor contraction.
