News of the USMCA trade agreement helped lean hog futures achieve new contract highs this week.

However, U.S. pork exports were still impeded by Mexico’s retaliatory pork tariffs that were a response to U.S. tariffs on steel and aluminium.

Tyler Fulton, with Hams Marketing Services, gave an update on forward contract prices.

"Forward contract prices have come back substantially over the last several weeks or so after bottoming out late August. Over the whole month of September, they really ramped up, probably representing something close to the 3-year average price that we typically see."

U.S. cash markets moved higher this week as packers increased their planned production schedule and have been willing to pay higher amounts to achieve them.

Hams notes forward prices for the winter timeframe represent good value given current market conditions while spring and summer prices may have significant upside opportunity depending on how the spread of African swine fever develops.