Lean Hogs Futures Market News and Commentary
Lean hog futures closed the Friday session with front months mostly 5 cents to $1.05 lower. The USDA’s National Average Base Hog price was $123.69 on Friday afternoon, up $2.32 from the previous day’s report. The August 10th CME Lean Hog Index was down 23 cents to $121.86.
Front month pork cutout futures are down 37 cents. USDA’s National Pork Carcass Cutout value was down $1.48 to $121.83 in the Friday PM report. The picnic, ham, and belly were the only cuts reported lower. Federally inspected hog slaughter through Saturday is estimated at 2.338 million head, 6,000 head above last week but 70,000 head below than the same week last year on lighter Saturday slaughter.
Managed money in lean hog futures and options were increasing their net long by 8,403 contracts as of 8/9 to 65,153 contracts in the week ending on Tuesday.
Aug 22 Hogs closed at $121.725, down $0.675,
Oct 22 Hogs closed at $100.025, down $1.050
Aug 22 Pork Cutout closed at $123.600, down $0.375,