Hogs Extend Weakness to Close the Month
Lean hog futures were down 12 cents to $1.12 on Friday, with December losing $6.70 this week. USDA’s national base hog price was reported at $60.29 in the Friday PM report, down $3.49 from the day prior. The CME Lean Hog Index was down $1.00 on October 28 at $67.30.
Commitment of Traders data from Friday showed managed money in lean hog features and options increasing their record large net short position by 5,976 contracts as of Tuesday, taking it to 47,109 contracts.
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USDA’s pork carcass cutout value was down 59 cents in the Friday afternoon report, at $70.10. The belly primal led the charge higher, up $22.12, with the ham the only other primal reported higher. Federally inspected hog slaughter for this week was estimated at 2.608 million head. That was 2,000 head below last week but 28,897 head above of the same week last year.
Dec 26 Hogs closed at $58.875, down $0.950,
Feb 27 Hogs closed at $63.750, down $0.975
Apr 27 Hogs closed at $69.500, down $1.125,
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.
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