Pork Bellies March 2011 (PDH11)

Lean Hogs are closed lower on the day with the April contract under the most pressure as February nears expiration. Hogs were down $0.67 for the week. The CME Index is at 87.70 up 4 cents. The USDA supply/demand report showed pork supplies for 2012 at 23.235 billion pounds, a rise of 45 million pounds from the previous month estimate. USDA sees the average price at $63-67 for live hogs for 2012. Pork trading was slow with light to moderate demand and offerings. The Carcass cutout was up this afternoon on 59.25 loads. The CFTC report showed Managed Money had increased their net long position from the previous week by 7,507 contracts.

Feb 12 Hogs closed at $86.850, down $0.450,
Apr 12 Hogs closed at $88.300, down $1.350
May 12 Hogs closed at $97.300, down $0.500