Hogs Rallying to Close Out August
Lean hog futures are in rally mode to round out August trade, with gains of $1.45 to $1.85 at midday. USDA’s national base hog price was reported at $88.65 on Monday morning afternoon, down $1 from the day prior. The CME Lean Hog Index was down another 62 cents on August 27 at $91.52.
Friday’s Commitment of Traders data showed managed money adding 7,649 contracts back to their now record net short position in lean hog futures and options during the week of August 25. That took their net short to 31,135 contracts.
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USDA’s pork carcass cutout value was back up $2.26 in the Monday AM report, at $99.55. The ham was the only primal reported lower, with the belly up $12.08. USDA estimated federally inspected hog slaughter for last week at 2.377 million head including Saturday. That was 11,000 head above the previous week and down 9,985 head from the same week last year.
Oct 26 Hogs are at $83.350, up $1.450,
Dec 26 Hogs are at $74.125, up $1.825
Feb 27 Hogs are at $76.575, up $1.600,
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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