Lean Hogs Futures Market News and Commentary
At the close for the last trade day of the week, lean hog futures were a dime to 95 cents in the red. August hogs closed $1.15 weaker from Friday to Friday, but October was $4.60 weaker. USDA’s National Average Base hog price for Friday was 88 cents weaker to $101.70. The CME Lean Hog Index for 7/28 was back up by 6 cents to $112.04.
Lean hog spec traders were seen as net buyers through the week ending 7/27. The extra managed money OI left the group 8,916 contracts more net long to a 6-wk high of 85,916.
Pork cutout futures ended the Friday round of trading with losses of 22 cents to $1. USDA’s National Pork Carcass Cutout Value was up by 2 cents to $123.89 cwt. USDA estimates the week’s FI hog slaughter at 2.327m head through Saturday. That was down by 5k compared to last week and was 210k head below the same week last year.
Aug 21 Hogs closed at $106.200, down $0.100,
Dec 21 Hogs closed at $81.650, down $0.750
Aug 21 Pork Cutout closed at $119.175, down $0.850,