The hog market managed to inch higher on Wednesday after choppy trading early in the day as prices were able shake off outside market weakness. A general commodity market selloff helped to pressure the market early and the premium of futures to the cash market added further weakness. The monthly Cold Storage report this week was supportive and suggested strong export demand in October. Stocks were up less than 1% for the month and typically stocks increase by about 4% for the month of October so the news is considered supportive. China imports in September hit a record high and many traders believe that imports were active again in October which may explain the smaller cold storage supply. The CME Lean Hog Index as of November 21st came in at 83.29, down 9 cents from the previous session and down from 85.71 the week before. The estimated hog slaughter came in at 427,000 head Wednesday. This brings the total for the week so far to 1.290 million head, up from 1.288 million head last week at this time and up from 1.286 million head a year ago. Pork cutout values released after the close Wednesday came in at $89.39, up 35 cents from Tuesday and up from $88.75 the previous week. Weekly average weights for Iowa-Southern Minnesota as of November 19th came in at 275.0 pounds, up from 274.5 pounds the previous week and unchanged from last year.
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