Global pig outlook—Oct. 24: Bulls run in lean hog futures rolls on

December lean hog futures this week hit a 15-month high. Bulls are in solid technical control, but the bull run is mature now, suggesting the market may be close to topping out in the coming weeks. The contra-seasonal gains in lean hog futures are being fueled by strength in the cash hog and pork product markets. The latest CME lean hog index is up another 32 cents to $84.66 as of Oct. 22, the four straight daily gain. With US hog numbers continuing to fall far short of USDA forecasts for a 3.5% to 5% rise in hog supplies through the September-November period, as exemplified by slaughter totals falling below year-ago levels in four of the past five weeks, hog traders continue buying futures. Pork: Net US sales of 22,200 MT for 2024 were down 42 percent from the previous week and 45 percent from the prior 4-week average. Increases primarily for Mexico (17,000 MT, including decreases of 7,400 MT), China (8,800 MT, including decreases of 200 MT), Australia (4,700 MT, including ...