Lean Hogs Futures Market News and Commentary
Hog futures went into the Memorial Day weekend with a 70 cent loss in June and a 10 cent loss in July, to 25 to 47 cent gains in the deferred months. USDA’s National Average Base Hog price for Friday afternoon was $1.67 weaker to $109.68. CME’s 5/25 Lean Hog Index was 53 cents higher to $104.40.
The weekly Commitment of Traders report showed lean hog spec traders grew their net long 4,318 contracts wk/wk to 14,881. That came mostly via the short sellers taking profits through the week, but is still the group’s second (to last week) weakest net long since August of 2020.
Pork cutout futures closed $0.27 to $0.60 higher in the deferred months to losses of as much as $1.25 nearby. USDA’s National Pork Carcass Cutout value Friday afternoon was down by $1.97 to $106.16. Bellies were $13.07 weaker to $155.76. USDA estimated the week’s FI hog slaughter as 2.351m head through Saturday. That is down 63k head wk/wk and 27k head below the same week last year. YTD slaughter trails... Read more