Mixed Close for Friday’s Hog Trade
Front month lean hog futures ended the session mixed as Dec and Feb faded into the weekend vs the deferred contracts’ bounce. Dec completed the week on a net 92c loss. USDA’s National Average Base Hog price was $1.85 weaker to $62.27 in the AM update on Friday. The CME Lean Hog Index increased by 7 cents to $76.06.
Commitment of Traders data had managed money lean hog traders adding to their longs and their shorts during the week that ended 11/14. The net new sellers had the upper hand, reducing the group’s net long by 178 contracts to 13,209.
Friday afternoon’s National Pork Carcass Cutout Value was $88.16. That was a $2.24 increase led by bellies and picnics. USDA showed the week’s pork production was 563.6m lbs, compared to 546.3 last week and 560.3 during the same week last year. YTD output was listed at 23.943 billion lbs, a 0.4% increase from this time last year. The week’s slaughter was listed at 2.649m head, up 2.8% for the week and 2% more than the same week last year. YTD slaughter was shown at 112.417m head, compared to 110.752m at this time last year.
Dec 23 Hogs closed at $70.975, down $0.500,
Feb 24 Hogs closed at $75.450, down $0.175
Dec 23 Pork Cutout closed at $81.450, up $0.000,
On the date of publication, Alan Brugler 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.
