Hogs Face Monday Weakness
Lean hog futures were steady to 70 cents lower across the board on Monday. USDA’s national base hog price was reported at $97.77 on Monday afternoon, up $3.86 from the day prior. The CME Lean Hog Index was back down 27 cents on June 18 at $92.17.
Friday afternoon’s Commitment of Traders report indicated a total of 7,258 contracts added to the new managed money net short in lean hogs in the week of 6/16. That net short was 20,959 contracts on Tuesday.
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USDA’s pork carcass cutout value from the Monday PM report was down 69 cents at $96.08 per cwt. The butt, picnic, and loin primals were reported lower. USDA estimated federally inspected hog slaughter for Monday at 468,000 head. That was down 10,000 head from last Monday but 11,116 head above the same Monday last year.
Jul 26 Hogs closed at $94.650, down $0.375,
Aug 26 Hogs closed at $96.725, up $0.000
Oct 26 Hogs closed at $80.850, down $0.475,
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.
