Hogs Bounce Higher on Friday
Lean hog futures found some buyers to close out the week, with contracts $1.10 to $1.57 higher on the week. October was 37 cents in the green on Friday, with a weekly loss of 35 cents. USDA’s national base hog price was reported at $77.23 on Friday afternoon, up 30 cents from the day prior. The CME Lean Hog Index was back down 24 cents on September 30 at $80.71.
Friday's Commitment of Traders report showed managed money in lean hog futures and options extending their record net short position by another 8,638 contracts in the week ending on Tuesday, taking it to 44,186 contracts.
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USDA’s pork carcass cutout value was down 81 cents in the Friday down report, at $84.48. The picnic and belly primals were the only reported higher. Federally inspected hog slaughter for this week was estimated at 2.559 million head. That was 7,000 head above last week but 41,814 head below than the same week last year.
Oct 26 Hogs closed at $77.875, up $0.375,
Dec 26 Hogs closed at $70.125, up $1.200
Feb 27 Hogs closed at $71.325, up $1.575,
On the date of publication, Austin Schroeder 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.
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