Lean hogs ended the last trade day of the week mostly within 27 cents of UNCH for the front months. For the week, Feb was down by another $1.62 and threatening the October lows ($79.95). USDA’s National Average Base Hog price for Friday afternoon was 80 cents lower to $71.80. The 1/10 CME Lean Hog Index was $75.96, weaker by another 48 cents.
Weekly CFTC data showed a massive shift in managed money’s lean hog exposure during the week that ended 1/10. The group closed out 13k longs and added 14.6k new shorts for their largest single week bear move on record. As of the Tuesday settle, lean hog spec traders were 22,735 contracts net long.
Pork cutout futures were mostly quiet on thin OI and volume and settled within 80 cents of UNCH. USDA’s National Pork Carcass Cutout value for Friday afternoon was $2.31 higher at $81.64. USDA estimated the week as 2.688m head through Saturday. That is 392k head above last week and is 321k head more than the same week last year.
Feb 23 Hogs closed at $78.650, down $0.100,
Apr 23 Hogs closed at $87.275, up $0.100
Feb 23 Pork Cutout closed at $86.900, down $0.250,
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. For more information please view the Barchart Disclosure Policy here.
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