Hogs Fall Lower on Friday

Lean hogs slipped lower into the weekend, with contracts down anywhere from a tick to $1.87, led by the nearbys. USDA’s National Average Base Hog negotiated price was back down 76 cents on Friday afternoon at 88.57. The CME Lean Hog Index was up another 37 cents on May 15 at $92.13.

Weekly Commitment of Traders data showed specs in lean hog futures and options cutting another 9,043 contracts from their net long position as of 5/14. They held a net long of 56,128 contracts as of Tuesday, a 12-week low.

USDA’s National Pork Carcass Cutout Value was 58 cents higher in the Friday PM report at $100.85. The ham and loin were reported lower, with the belly leading the way, up $5.77. USDA estimated Friday’s federally inspected hog slaughter at 468,000 head, taking the week to date total to 2.404 million head including Saturday. That is 25,000 head above last week but 3,025 head below the same week last year.

Jun 24 Hogs  closed at $96.500, down $1.875,

Jul 24 Hogs  closed at $100.050, down $1.575

Aug 24 Hogs  closed at $99.475, down $1.325,

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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