The front month lean hog futures market closed the last trade day of the week with triple digit losses. December was down the most on a $2.87 drop, leaving the contract at a net 5.9% loss for the week. The PM National Average Base Hog price from USDA was down by $7.69 to $86.34. The CME Lean Hog Index for 9/21 was $98.01, back up by a nickel.
Managed money firms were shown as major buyers for lean hogs through the week of 9/20. The group added 12,253 new longs (making up 38% of the week’s total (maintained) trading activity). That extended the groups net long to 64,664 contracts.
Pork cutout futures weakened ripple digits as well on Friday with $1.75 to $2.80 losses on the day. USDA’s National Pork Carcass Cutout value was $2.95 weaker on Friday to $100.93. with Federally inspected hog slaughter was 2.538m head for the week through Saturday. That set the YTD total at 90.297 million, down 3.2% from last year’s pace.
Oct 22 Hogs closed at $92.625, down $1.500,
Dec 22 Hogs closed at $82.800, down $2.875
Oct 22 Pork Cutout closed at $101.750, down $1.250,
/AI%20(artificial%20intelligence)/Artificial%20intelligence%20and%20machine%20learning%20concept%20-%20by%20amgun%20via%20iStock.jpg)
/Netflix%20on%20tv%20with%20remote%20by%20freestocks%20via%20Unsplash.jpg)
