Lean hog futures slumped to life-of-contract lows again on the Chicago Mercantile Exchange on Friday due to weak demand for U.S. pork, while live cattle futures set an 11-month low.

Hog prices have dropped by a third since late July because supplies are plentiful and demand for pork has been lackluster domestically and abroad, analysts said. In the U.S., demand has suffered because consumers are being pinched by high costs for gasoline and worry that pork is dry and lacks flavor when cooked, they said.

“You’ve got just really poor demand,” said Austin Schroeder, a commodity analyst at Brugler Marketing & Management.

CME December lean hog futures ended down 1.575¢ at 53.525¢ per pound and reached a contract low of 53.175¢ per pound. February 2027 futures also set a contract low.

Pork exports have struggled because China, the world’s biggest consumer, has a glut of hogs and Mexico has imported less from the U.S. In September, U.S. exports fell 7% from a year earlier by volume and 14% by value, according to U.S. government data.

“Global hog prices have come under intense pressure in recent months, and export value is feeling the impact of this situation,” said Dan Halstrom, CEO of the U.S. Meat Export Federation, an industry group.

In CME’s cattle markets, traders focused on weakening cash prices. They said cash prices were down as much as $11 per cwt this week at $212 per cwt in Iowa and $213 per cwt in Nebraska.

The declines dragged down futures prices, traders said. 

CME December live cattle closed down 0.35¢ at 214.050¢ per pound after falling earlier to the lowest level since Dec. 2. The contract has dropped for nine trading sessions in a row.

CME January feeder cattle futures ended 1.95¢ lower at 318.375¢ per pound and set the lowest price since Sept. 18.

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