Hogs Look to Tuesday Trade
Lean hog futures were up a dime to 75 cents across most contracts on Monday as Feb was down $1.125. The national average base hog negotiated price was reported at $79.65 on Monday afternoon, which was up 6 cents from the day prior. The CME Lean Hog Index was reported at $83.12 on January 2, down 87 cents from the previous day.
Managed money spec funds were trimming 13,044 contracts from their large net long in lean hog futures and options as of 12/31 to 108,941 contracts.
USDA’s FOB plant pork cutout value was back down $1.71 in the Monday PM report at $87.83 per cwt. The belly was the only primal reported higher, up $5.81. Federally inspected hog slaughter on Monday was estimated at 447,000 head. That was down 54,000 head from last Monday and 21,922 head below the same Monday last year.
Feb 25 Hogs closed at $79.650, down $1.125,
Apr 25 Hogs closed at $85.875, up $0.100
May 25 Hogs closed at $90.700, up $0.125,
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. More news from Barchart