Hog Traders Looking to New Week
Lean hog futures posted losses of 25 cents to $1.57 on Friday, as December fell $5.35 on the week. Open interest dropped another 5,738 contracts on Friday. USDA’s national base hog price was reported at $46.21 in the Friday afternoon report, up $4.42 from the day prior. The CME Lean Hog Index was down another $1.07 on November 4 at $62.86.
Weekly CFTC data showed managed money adding another 3,383 contracts to their record net short position in the week ending on 11/3, taking it to 50,492 contracts.
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USDA’s pork carcass cutout value was up $1.66 in the Friday PM report, at $70.65. The loin and rib were the only primals reported lower. Federally inspected hog slaughter for last week was estimated at 2.664 million head. That was 56,000 head above last week and 27,655 head above the same week last year.
Dec 26 Hogs closed at $53.525, down $1.575,
Feb 27 Hogs closed at $58.700, down $1.475
Apr 27 Hogs closed at $66.500, down $0.625,
On the date of publication, Austin Schroeder did not directly have a position 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.