Lean hog futures closed the Monday session with 27 to 57 cent gains. The USDA National Average Base Hog Price for Monday afternoon was $2.47 lower to $85.23. The CME Lean Hog Index was $88.63 on 11/10, down by 33 cents.
Following the Veteran’s Day delay, CFTC reported managed money hog traders lifted 4.7k longs last week for a 5k contract weaker net long as of 11/8. That left the group 54,514 contracts net long at the Tuesday settle.
Front month pork cutout futures closed with gains of $0.60 to $1.07. USDA’s afternoon Pork Carcass Cutout Value was delayed due to packer submission errors. The AM quote was $98.05 after a nickel boost. The CME Fresh Bacon Index was $13.11 weaker on 11/11 to $162.07. USDA estimated FI hog slaughter at 493k head for Monday, which was down by 1k head from last week but 10k head above the same week last year.
Dec 22 Hogs closed at $84.875, up $0.525,
Feb 23 Hogs closed at $88.975, up $0.575
Dec 22 Pork Cutout closed at $95.750, up $0.850,
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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