Hogs Pull Out Gains into the Friday Close
Lean hog futures closed with contracts up $1.17 to $1.77 on Friday, with thinly trade May up 55 cents. June was down $1.80 on the week. USDA’s national average base hog negotiated price was reported at $91.51 on Friday afternoon, an 88 cent dop from the day prior. The CME Lean Hog Index is indicated another 32 cents higher for April 30, at $89.57.
Commitment of Traders data showed large managed money speculators in lean hogs at a net long of 67,643 contracts by April 29, an increase of 9,186 contracts on the week.
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The Friday afternoon FOB plant values for pork cutout value were up $1.92/cwt on a carcass basis, at $98.38. All primals excluding the ham and belly were quoted higher. Federally inspected hog slaughter from USDA was estimated at 2.486 million head for this week. That was up 56,000 head from the previous week and 83,184 head above the same week last year.
May 25 Hogs closed at $92.950, up $0.550,
Jun 25 Hogs closed at $99.350, up $1.175
Jul 25 Hogs closed at $100.700, up $1.775,
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.
