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Lean Hogs Aug '24 (HEQ24)

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Lean Hogs Futures Market News and Commentary

Hogs Post Rebound on Wednesday

Lean hog futures closed the Wednesday trading session with gains of 7 cents to $1.42. The CME Lean Hog Index was down 20 cents at $91.32 on June 10.  USDA showed the National Base Hog weighted average price at $87.59 on Wednesday morning, up 9 cents from the day prior. 

WASDE data from this morning showed pork production raised by 40 million lbs for 2024, all coming from Q2. USDA is likely waiting for the Hogs & Pigs report later this month before adjusting the second half of the year. Projection for 2025 is projected at 28.4 billion lbs unchanged from last month. 

USDA’s Estimated Primal Cutout Value was back sharply lower in the PM report, down $4.64 to $99.01.  The picnic and butt were the only primals reported higher, as the belly gave back all of Tuesday’s gains, down $19.02.  USDA estimated Wednesday FI hog slaughter at 481,000 head, bringing the week to date total to 1.426 million head. That is down 20,000 head from a week ago but up 25,153 from a year ago.

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Contract Specifications

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Contract
Lean Hogs
Contract Size
40,000 pounds
Tick Size
0.00025 per pound ($10.00 per contract)
Trading Hours
8:30a.m. - 1:05p.m. (Settles 1:00p.m.) CST
Exchange
CME
Point Value
$400
Margin/Maintenance
$1,650/1,500
First Notice Date
08/14/24 (62 days)
Expiration Date
08/14/24 (62 days)

Seasonal Chart

Lean Hogs Aug '24
Average Price Chart for 5 Prior Aug Contracts

Commitment of Traders Positions as of Jun 4, 2024

View Chart Details
Commercials - Long / Short
109,683 (+1,333)
112,548 (-5,103)
Non-Commercials - Long / Short
80,913 (-1,031)
75,367 (+7,085)
Producers - Long / Short
21,728 (+539)
89,834 (-7,772)
Swap Dealers - Long / Short
72,510 (-3,080)
7,269 (-1,205)
Managed Money - Long / Short
55,200 (-1,805)
36,174 (+10,236)
Other Reportables - Long / Short
25,713 (+774)
39,193 (-3,151)
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Price Performance

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Period Period Low Period High Performance
1-Month
89.025 +1.04%
on 06/11/24
102.000 -11.81%
on 05/16/24
-10.625 (-10.56%)
since 05/10/24
3-Month
89.025 +1.04%
on 06/11/24
108.300 -16.94%
on 04/10/24
-12.400 (-12.12%)
since 03/12/24
52-Week
89.025 +1.04%
on 06/11/24
108.300 -16.94%
on 04/10/24
-3.650 (-3.90%)
since 06/12/23

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WASDE - 2024-06-12

ZSN24 : 1173-6 (-0.30%)
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ZSDAUS-BIW.CM : 4,506,573 (unch)
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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 92.742
2nd Resistance Point 91.833
1st Resistance Point 90.892
Last Price 89.950s
1st Support Level 89.042
2nd Support Level 88.133
3rd Support Level 87.192

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52-Week High 108.300
Fibonacci 61.8% 100.937
Fibonacci 50% 98.663
Fibonacci 38.2% 96.388
Last Price 89.950s
52-Week Low 89.025

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