October hogs closed 165 lower on the session Friday but still managed to close 10 higher for the week while December hogs closed lower for the week. The market traded moderately higher on the day early, led by positive news from the pork cut-out and cash markets as October hogs rose to the highest price level since August 16th before turning lower. Rumors of China buying pork from the US last week were thought to have supported the rally, but this lifted futures prices to a premium to the cash market which many traders felt was rare for this time of the year. Weakness in corn and other agricultural markets was also seen as a negative development for hog futures. The CME Lean Hog Index as of September 14th came in at 86.93, up 71 cents from the previous session and down from 87.65 the week before. The estimated hog slaughter came in at 422,000 head Friday and 169,000 head for Saturday. This brought the total for last week to 2.282 million head, up from 2.004 million head the previous week and up from 2.170 million head a year ago. Pork cutout values released after the close Friday came in at $95.37, up 15 cents from Thursday and up from $94.23 the previous week.
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