Lean hog futures are off their highs from earlier in the Tuesday session, but futures are still 17 to 22 cents in the black for Midday. USDA’s National Average Base Hog price was withheld to protect confidentiality on Tuesday morning, the Friday afternoon price was $2.11 firmer to $69.45. The CME Lean Hog Index for 2/14 was $75.12, another 52 cents stronger.
The Commitment of Traders report showed lean hog spec traders were closing shorts during the week that ended 2/13. That grew the group’s net long to 33,791 contracts.
USDA’s National Pork Carcass Cutout Value was 78 cents stronger on Friday afternoon at $90.57. The ribs were up by $7. USDA reported the week’s pork output at 556 million lbs, which was 2.5% lower for the week but was up 3.2% from the same week last year. The week’s hog slaughter was listed at 2.559m head, down 2.4% from last week and up from 2.49m head during the same week last year.
April 24 Hogs are at $85.550, up $0.325,
May 24 Hogs are at $89.050, up $0.200
April 24 Pork Cutout is at $91.500, up $0.075,
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.
