Hogs Trading on the Higher Side at Midday
Lean hog futures are posting modest gains on Monday, with front months a tick to 12 cents higher. USDA’s national base hog price was not reported on Monday morning due to light volume. The CME Lean Hog Index was down another 46 cents on August 20 at $93.26.
Friday’s Commitment of Traders data showed managed money adding 8,365 contracts back to their net short position in lean hog futures and options during the week of August 18. That took their net short to 23,486 contracts.
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USDA’s pork carcass cutout value was back up $1.93 in Monday’s AM report, at $99.89. The butt and ham were the only primals reported lower, with the belly leading the charge higher, up $8.89. USDA estimated federally inspected hog slaughter for last week at 2.366 million head. That is 32,000 head above the previous week but down 51,924 head from the same week last year.
Oct 26 Hogs are at $81.000, up $0.125,
Dec 26 Hogs are at $71.600, up $0.075
Feb 27 Hogs are at $74.450, up $0.025,
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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