Hog Futures Push the Downside through Thursday
Lean hog futures were another percent point weaker on Thursday, as both the Feb and the May contracts closed triple digits in the red. The other nearbys were also 92 to 95 cents lower for the close. That left Feb at a net $2.90 loss for the week so far. Lateral support from the 12/13 and the 11/28 lows is near $66. USDA’s National Average Afternoon Base Hog price for Thursday was 10 cents stronger to $46.36. The CME Lean Hog Index firmed up by 12 cents on 12/26 to $65.71.
Open interest in pork cutout futures remains sub-100 with some contracts remaining UNCH for 10 days. The National Pork Carcass Cutout Value was 9 cents stronger to $82.61 on Thursday afternoon. The loins were +$2.30 cwt. and the bellies were +$2.57, while the other primals were lower for the day. The week’s FI hog slaughter was estimated at 1.429m head through Thursday, which compares to 1.463 million during the same week last year.
Feb 24 Hogs closed at $68.450, down $1.425,
Apr 24 Hogs closed at $75.000, down $0.925
Feb 24 Pork Cutout closed at $81.725, up $0.000,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
