Lean Hogs Futures Market News and Commentary
Friday trading left the lean hog futures market mixed by the bell. The 2022 delivery months ended in the black, led by October, as the board added to the nearby premium. Deferred hog futures ended UNCH to 20 cents lower. The USDA’s National Average Base Hog price was $124.43 for Friday afternoon after another $2.76 drop. The 8/3 CME Lean Hog Index was 67 cents higher to $121.61.
The CoT report showed lean hog spec traders were adding positions through the week that ended 8/2. The buyers offset the new sellers for a 5,675 contract stronger net long of 56,750.
Monthly Census data showed June pork exports were 531.1m lbs. That was the second most for the month, behind last year’s record 563.8m, and took the full year total to 3.15 billion lbs.
Front month pork cutout futures closed Friday mostly in the red, as October ended 42 cents stronger to the 22 to 77 cent losses in the other nearbys. USDA’s National Pork Carcass Cutout Value for Friday afternoon was 23 cent... Read more