Lean Hogs Futures Market News and Commentary
Expanded limits were reached for the front month lean hog futures. June contracts closed 2 1/2 cents off the limit. The CME Fresh Bacon Index from 03/27 was $15.74 lower wk/wk to $98.80 cwt. That is $87.74 cwt. (-47%) below the same week from 2019. The CME Lean Hog Index for March 26th was $66.46, up another $0.29, still ignoring the bearish futures action. The National Average Afternoon Base Hog price was down by $2.64 to $55.03. The Pork Carcass Cutout Value was down $3.08 to $70.71 on Monday. According to USDA, ribs were down $52.91. Belly cuts were quoted at $41.12 cwt. USDA estimated Monday’s FI hog slaughter at 491,000 head. That is 6,000 head below the Monday from last week.
Apr 20 Hogs closed at $53.950, down $4.500,
May 20 Hogs closed at $53.125, down $4.500
Jun 20 Hogs closed at $59.775, down $4.475
--- provided by Brugler Marketing & Management