Lean Hogs Futures Market News and Commentary
Front month hog prices were another triple digits lower to close the last trade day of the week. Dec and Feb futures gave back another 3% on the day. For Dec hogs that cemented the weekly pullback at $2.92, but the contract printed a very wide $6.68 range through the week. USDA’s National Average Base Hog price from Friday afternoon was $77.59, down by 50 cents. The CME Lean Hog Index was 50 cents higher on 9/20 to $87.17.
CFTC’s weekly Commitment of Traders data showed lean hog spec traders were closing shorts and adding new longs through the week that ended 9/19. That extended their net long by 2,799 contracts to 40,985. Recent data from the CME had October OI down 7.8% on Thursday, and Dec OI down 1.6k contracts (but Dec OI was still net higher for the week through Thursday).
Pork cutout futures went into the weekend with Friday losses of $1.60 to $2.05. USDA’s National Pork Carcass Cutout Value for Friday was cited at $97.26 after another $1.49 drop. Bellies were $1... Read more