Lean hog futures gave back $0.45 to $1.25 on Friday. For December that moved the contract to the red for the week as a net 12 cent loss from Friday to Friday. The USDA National Average Base Hog Price on Friday afternoon was $81.81, down by $1.46. The 11/16 CME Lean Hog Index was another 8 cents lower to $88.14.
The Commitment of Traders report from CFTC showed managed money hog traders were 55,800 contracts net long as of 11/15. That was a 1,286 contract stronger net position through the week, with light rolling from existing shorts to new longs.
China reported October pork imports of 160k MT, a 20.5% lighter volume than October 2021. YTD imports were 58.8% below ‘21’s pace at 1.38 MMT.
Pork cutout prices were also red on Friday with losses of $0.72 to $1.22 in the front months. The PM cutout from USDA was 81 cents firmer to $93.44. USDA’s estimated FI hog slaughter was 2.605m head for the week through Saturday. That compares to 2.50m head last week and 2.632m head from the same week last year.
Dec 22 Hogs closed at $84.225, down $0.750,
Feb 23 Hogs closed at $89.550, down $1.250
Dec 22 Pork Cutout closed at $94.725, down $0.775,
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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