Lean Hogs Futures Market News and Commentary
Lean hog futures finished the last trade day of the week with $0.87 to $1.52 gains. For Feb, that only reduced the week’s loss to $1.12. The National Average Base Hog price for Friday afternoon was 17 cents higher at $51.88. The price in the ECB was shown at $52.51, compared to $51.52 in the WCB. The CME Lean Hog Index fell by 17 cents to $69.43 for 12/05.
Weekly CFTC data showed the lean hog spec traders were closing longs and adding shorts during the week that ended 12/5. That left the funds with a 3.4k contract stronger net short of 17,963.
The December WASDE increased Q4 2023 pork production by 25 million lbs to 7.065 billion for a full year 27.242 billion pounds. 2024’s outlook was left UNCH at 27.730 billion lbs.
The National Pork Carcass Cutout Value was 17 cents stronger on Thursday afternoon to $83.37. USDA’s weekly summary had pork output at 575.8 million lbs, matching last week and 3.1% above the same week last year. The yearly total production was lis... Read more