Hogs went into the weekend mixed but mostly lower with 15 to 40 cent losses in the nearbys and 5 to 20 cent gains in the deferred contracts. For the week, December hogs ended with a $13.13 loss, while the June ’23 contracts gained 30 cents and got to within 20 cents of the LoC high from September. The USDA National Average Base Hog Price from Friday PM was 94 cents weaker to $85.18. The CME Lean Hog Index was down another 95 cents to $92.34 on 11/2.
Weekly CFTC data had managed money hog traders at 59,568 contracts net long. That was up by 4,135 contracts through the week given net new buying.
Pork cutout futures closed Friday with 12 to 67 cent losses through the April contract, while May went home on a 10 cent gain. The USDA Pork Cutout Value was $96.72 in the PM report, up by 36 cents. USDA estimated FI hog slaughter at 2.577m head for the week through Saturday. That compares to 2.557m head last week and 2.612m head during the same week last year. YTD slaughter is trailing last year’s pace by 2.9% with 105.649m head.
Dec 22 Hogs closed at $82.975, down $0.400,
Feb 23 Hogs closed at $86.425, down $0.750
Dec 22 Pork Cutout closed at $93.875, down $0.125,
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.
