Lean hog futures settled Friday with contracts up 57 cents to $1.22. April was 50 cents lower over the course of the week. The USDA national average base hog negotiated price was reported at $88.40 on Friday afternoon, down 99 cents from the day prior. The CME Lean Hog Index was back down 21 cents from the previous day at $89.20 on March 19.
Weekly Commitment of Traders data from CFTC showed a total of 1,138 contracts added back to the net long in lean hog futures and options as of March 18. That took their net long to 56,709 contracts.
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The Friday morning FOB plant pork cutout from USDA was up $1 at $96.86 per cwt. The belly and picnic were the only primals reported lower. USDA estimated last week’s Federally inspected hog slaughter at 2.428 million head. That was down 81,000 from last week and 92,684 head below the same week last year on the midweek blizzard and transportation slowdown.
Apr 25 Hogs closed at $86.125, up $0.575,
May 25 Hogs closed at $89.650, up $1.050
Jun 25 Hogs closed at $97.475, up $1.225,
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.
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