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Lean Hogs Feb '24 (HEG24)
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Lean Hogs Futures Market News and Commentary

Triple Digit Rally for Friday Hog Futures

Front month lean hog futures were up by $1.32 to $1.85 on the last trade day of the week. That left the April contract at a net 87c gain for the week. USDA’s National Average Base Hog price was dropped $2.82 on Friday afternoon to $72.67. The CME Lean Hog Index was $79.91 up by 13 cents for 2/27.  

The lean hog spec traders were shown with a 63,064 contract net long as of 2/27 via the CoT data. That was their strongest net long since September of ’22 after having added 11.3k new longs during the week. 

Pork cutout futures were 70 cents stronger on Friday. The Pork Carcass Cutout Value for Friday was up a strong $4.23 on Friday afternoon to $94.45. Bellies led the way with a $20.59 increase to $137.03. The week’s pork output was reported at551.1m lbs from a 2.549m head slaughter. Pork output dipped 1.4% vs last week but was up 0.6% from the same week last year as slaughter was down 1.1% and was 1% higher respectively. The YTD hog slaughter reached 22.848m head vs 22.561m... Read more

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
02/14/24
Expiration Date
02/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Feb 27, 2024

View Chart Details
Commercials - Long / Short
82,658 (+1,078)
107,643 (+14,466)
Non-Commercials - Long / Short
94,037 (+11,275)
64,751 (-1,515)
Producers - Long / Short
15,784 (+381)
95,497 (+12,278)
Swap Dealers - Long / Short
60,367 (-718)
5,639 (+773)
Managed Money - Long / Short
73,436 (+11,232)
10,543 (-3,609)
Other Reportables - Long / Short
20,601 (+43)
54,208 (+2,094)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
70.025 +7.35%
on 01/17/24
76.675 -1.96%
on 02/01/24
+3.275 (+4.55%)
since 01/12/24
3-Month
64.575 +16.42%
on 01/03/24
76.675 -1.96%
on 02/01/24
-0.750 (-0.99%)
since 11/14/23
52-Week
64.575 +16.42%
on 01/03/24
88.350 -14.91%
on 02/21/23
-12.350 (-14.11%)
since 02/14/23

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GFJ24 : 258.000s (+1.68%)
Triple Digit Rally for Friday Hog Futures

Front month lean hog futures were up by $1.32 to $1.85 on the last trade day of the week. That left the April contract at a net 87c gain for the week. USDA’s National Average Base Hog price was dropped...

HEJ24 : 88.075s (+1.67%)
HEM24 : 102.050s (+1.85%)
KMJ24 : 94.000s (+0.75%)
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Hogs Rallying into Weekend

Lean hog futures are trading $0.82 to $1.02 higher so far across the front months. April futures were a net $1.80 higher for the month, and are sitting at a net 45c gain for the week so far. USDA’s National...

HEJ24 : 88.075s (+1.67%)
HEK24 : 92.050s (+1.46%)
KMJ24 : 94.000s (+0.75%)
Midday Cattle Working Higher

Live cattle futures are trading with triple digit gains to finish the week and begin the new month. April is up by $1.65 and August is 92 cents higher so far. Midday feeder cattle are 0.75% to 1.2% higher...

LEJ24 : 188.450s (+1.67%)
LEM24 : 184.000s (+1.53%)
LEQ24 : 182.700s (+1.11%)
LEY00 : 181.840s (unch)
GFH24 : 252.975s (+1.60%)
GFJ24 : 258.000s (+1.68%)
Hogs Closed Higher on Thursday

The bonus day for the month of Feb finished with the lean hog board 27 to 67 cents stronger. April futures were a net $1.80 higher for the month. USDA’s National Average Base Hog price was $1.02 stronger...

HEJ24 : 88.075s (+1.67%)
HEM24 : 102.050s (+1.85%)
KMJ24 : 94.000s (+0.75%)
Cattle Futures to Close the Week and Start the Month

The live cattle market ended the last trade day of the month with 60 to 95 cent losses. Despite that, April was still up by a net $4.65 for the month’s move. Feb cattle expired at $184 flat. Feeder cattle...

LEJ24 : 188.450s (+1.67%)
LEM24 : 184.000s (+1.53%)
LEQ24 : 182.700s (+1.11%)
GFH24 : 252.975s (+1.60%)
GFJ24 : 258.000s (+1.68%)
Cattle Continued Fading into Month’s End

The live cattle market ended the last trade day of the month with 60 to 95 cent losses. Despite that, April was still up by a net $4.65 for the month’s move. Feb cattle expired at $184 flat. Feeder cattle...

LEJ24 : 188.450s (+1.67%)
LEM24 : 184.000s (+1.53%)
LEQ24 : 182.700s (+1.11%)
GFH24 : 252.975s (+1.60%)
GFJ24 : 258.000s (+1.68%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 76.192
2nd Resistance Point 75.708
1st Resistance Point 75.442
Last Price 75.175s
1st Support Level 74.692
2nd Support Level 74.208
3rd Support Level 73.942

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52-Week High 88.350
Fibonacci 61.8% 79.268
Fibonacci 50% 76.462
Last Price 75.175s
Fibonacci 38.2% 73.657
52-Week Low 64.575

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