Lean Hogs Futures Market News and Commentary
Front month lean hog futures closed the Friday session with gains of $1.97 to $3.12. Feb and April led the way each with $3+ gains. USDA’s National Average Afternoon Base hog price for Friday was $2.49 weaker to $63.84. The CME Lean Hog Index from 1/12 was 46 cents weaker at $74.60.
CoT data showed managed money funds were 6,870 contracts less net long in lean hogs during the week that ended 1/11. That left the group 48,804 contracts net long, and was driven mainly by long liquidation.
Pork cutout futures were also up by triple digits on Friday, having gained $2.32 to $3.27. are also up triple digits. USDA’s National Pork Carcass Cutout Value backed off on Friday, as hams pulled back by $18.09. The cutout was $6.21 weaker to $89.7 in the PM update. USDA estimated FI hog slaughter at 2.4070m head for the week through Saturday. That trails last week by 161k head and last year by 237k head. YTD slaughter is trailing 2021’s pace by 825k head.
Feb 22 Hogs closed at... Read more