Limited trade was reported for the start of the week, most likely due to proximity of the end of month and the steep drop on CME soybean meal today. The steep decline is reportedly attributed to profit-taking, drops on soybean export from the USDA Grain Inspection sheet, and improved weather prospects in Argentina. 

For the week ending October 28, 2023, hog slaughter is forecast at 2.575 million head, in-line with 2022 but 1.5 percent lower than last week. Over the next six weeks, hog slaughter is projected to average 2.538 million head per week, 1.2 percent higher from 2022 but 0.8 percent down from 2021 levels for the respective time. According to the USDA Actual Slaughter Under Federal Inspection for October 13, average live weights were at 285 pounds, three pounds down from the respective week in 2022.

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