The lean hog futures complex ended the last trade day of the week mixed. The lead month October was 57 cents higher at the bell, and the deferred 2023 contracts were up by less than a dime. Dec to April hogs closed red with losses of as much as 62 cents on the day. The National Average Afternoon Base Hog price was $86.89 for Friday, down by another $2.51. The CME Lean Hog Index for 10/5 was 16 cents weaker to $92.77.
The weekly CFTC data had managed money firms dropping 12k long contracts (17%) and adding 6.2k new shorts for a 22,827 contract net long as of 10/4. That followed a short selling spree last week for the biggest 2-week spec trader bear move on record (beginning 2006).
Pork cutout futures settled the day with a 72 cent gain in October and 37 to 57 cent losses in the other front months. The USDA’s Pork Cutout Value for Friday’s PM was 13 cents stronger at $101.54. The USDA estimated FI hog slaughter at 2.558m head for the week through Saturday. That is 71k head above last week and just 1,000 head under the same week last year.
Oct 22 Hogs closed at $92.950, up $0.575,
Dec 22 Hogs closed at $77.150, down $0.625
Oct 22 Pork Cutout closed at $101.825, up $0.725,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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