Lean Hogs Futures Market News and Commentary
After printing midday losses, lean hog futures rallied back to end the Friday session with $0.25 to $0.97 gains. December hog futures traded with a $2.70 range. USDA’s National Average Afternoon Base hog price was another 16 cents weaker on Friday to $81.48. The CME Lean Hog Index for 9/15 was $94.45, back up by a dime.
The weekly CoT report showed managed money reduced their lean hog net long by 20,478 contracts (or 24%) during the week that ended with 9/14’s settle. That was mainly driven by 14,437 spec longs closing out, and left the group at the weakest net long since February.
Pork cutout futures are trading also bounced back in the afternoon, ending the day with $0.50 to $1.15 gains. The Feb ’22 contract stayed in the red, ending $1.05 weaker. USDA’s National Pork Carcass Cutout Value was 56 cents weaker on Friday afternoon, at $105.41 cwt. Hams were up by $9.22 to $80.34, but offset by a $5.43 drop in loins and a $7.67 drop for bellies. USDA estimates FI hog sla... Read more