September 2026, Week 2

This week's key points

• —US: Cutout–hog spread narrows, 54% below the 5-year average for the week — a major packer expects a loss in its fresh pork segment
• —US: Pork carcass cutout down 20% y/y, a 17-month low
• —US: Slaughter back in line with last year at -0.2% y/y (decline narrows) — production above last year
• —USDA September WASDE: 2026 pork production, exports and hog price all revised down
• —EU: Pig prices (carcass-weight basis) rise for a seventh week, but the gain narrows to 0.4% w/w
• —Brazil: Pork exports to Japan stay strong, up 93% y/y in August; January–August up 74%

US: Cutout–hog spread narrows, 54% below the 5-year average for the week — a major packer expects a loss in its fresh pork segment

Latest: The weekly average was 5.74 USD/cwt, down from 7.31 the previous week and 54% below the five-year average for the week. On a daily basis it narrowed to 4.13 on Sep 3. Year to date: Averaging the weekly figures since January gives 8.31 USD/cwt, 22% lower than the same period last year.