Lean Hogs Jun '24 (HEM24)

Lean hogs slipped lower as we closed out the week with losses of 15 to 97 cents across most contracts. June was down $3.52 since last Friday. USDA’s National Average Base Hog negotiated price was down $2.40 from the day prior in the Friday afternoon report at $89.38. The CME Lean Hog Index was up another 32 cents on May 1 at $90.92. 

Commitment of Traders data revealed managed money backing off their large net long in the hog market by 7,008 contracts to a net long of 85,379 contracts of futures and options during the week that ended on April 30. Much of that was via long liquidation.

USDA’s National Pork Carcass Cutout Value was up 24 cents in the Friday PM report to $98.12. The belly was $4.08 lower, with the picnic down $2.59 and the rest of the primals reported higher. USDA estimated federally inspected hog slaughter at 468,000 head on Friday, with the weekly total at 2.406 million head through Saturday. That is 27,000 head above last week and down 46,109 head from t... Read more