Hogs Shift Focus to Short Week
Lean hog futures were mixed on Friday, with front month April down 57 cents and other contracts up 7 to 20 cents. June futures were up $1.77 last week. USDA’s national average base hog negotiated price was reported at $83.10 on Friday afternoon, down $2.57 from the day prior. The CME Lean Hog Index was down 33 cents from the previous day at $87.67 on April 9. The CME will be off on Friday in observance of Good Friday.
Commitment of Traders data showed spec traders were slashing 19,064 contracts from their net long in lean hog futures and options as of 4/8 to 36,262 contracts.
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USDA’s pork cutout value was back up $2.26 in Friday afternoon’s report at $91.59 per cwt. All primals were reported higher on the week. USDA’s federally inspected hog slaughter was estimated at 2.492 million head for last week. That is up 22,000 head from last week and 10,514 head above the same week last year.
Apr 25 Hogs closed at $85.425, down $0.575,
May 25 Hogs closed at $86.575, up $0.075
Jun 25 Hogs closed at $93.325, up $0.150,
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.
