Lean Hogs Futures Market News and Commentary
At the closing bell on Friday, lean hog futures were $0.15 to $1.77 higher, with triple digit gains for the 2020 expiry contracts. The triple digit gain for Oct pushed the contract $1.35 higher for th week. The CME Lean Hog index was $52.78 on Aug 4, after pulling back 14 cents. USDA’s National Average Afternoon Base Hog price for Friday was 17 cents stronger to $38.11. USDA’s National Pork Carcass Cutout value was up $1.13 on Friday to $71.93. The weekly update from CFTC showed lean hog spec traders were 2,850 contracts more net long to 13,571 on August 4. USDA’s estimate for the week’s FI hog slaughter is 2.534 million head through Saturday. That is up 184,000 head yr/yr on another strong Saturday kill. YTD slaughter is running 1% higher yr/yr with 77.087 million head so far.
--- provided by Brugler Marketing & Management