Hogs Follow Up USDA Report with Friday Gains
Lean hog futures were $1 to $1.37 higher on Friday, with front months down 2 to up 22 cents. July was $2.10 lower this week. USDA’s national base hog price was reported at $93.44 on Friday afternoon, down $1.85 from the day prior. The CME Lean Hog Index was back down 7 cents on June 24 at $91.78
USDA’s Hogs and Pigs showed June 1 hog inventory down 0.04% from last year at 73.664 million head. Hogs kept for breeding were down 1.16% at 5.88 million head, with market hog inventory up just 0.05% to 67.784 million head, vs. trade estimates of 1.1%. The March-May pig crop was up 0.2% to 33.521 million head. Farrowings in that period were down 1.02%. Farrowing intentions for the June-August period are seen at 2.9 million head, down 2.19% from last year.
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Commitment of Traders data tallied managed money at a net short of 25,560 contracts as of June 23 in lean hog futures and options, an increase of 4,601 contracts.
USDA’s pork carcass cutout value was 15 cents higher in the Friday PM report at $95.37. The ham and belly were the only primals reported lower. USDA estimated federally inspected hog slaughter for this week at 2.371 million head. That was steady with last week and 18,368 head above the same week last year.
Jul 26 Hogs closed at $92.925, up $0.225,
Aug 26 Hogs closed at $96.575, down $0.025
Oct 26 Hogs closed at $81.950, up $1.000,
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.
