Nearby lean hog futures traded $0.32 to $1.32 higher on Friday but stayed in the red for the week. Feb hogs closed the week down by 82 cents. USDA’s National Average Afternoon Base Hog price for Friday was $70.90, up by 55 cents. The CME Lean Hog Index was 57 cents lower to $73.28.
Weekly CFTC data had the funds 10,663 contracts net long in hogs as of 1/17. That was a 12k contract weaker net long fueled by net new selling through the week. At 10.6k contracts, that is managed money’s weakest net long since May.
Pork bookings were 34k MT for the week that ended 1/12. That was 12% below the same week last year. Mexico was the top buyer for the week with 11.8k MT booked, followed by Canada and China each with +4,000 MT.
Pork cutout futures closed with $0.50 to $1.35 gains on the board on Friday. USDA’s National Pork Carcass Cutout value for was 42 cents stronger in the Friday afternoon update, to $79.99. USDA estimates federally inspected hog slaughter at 2.531m head for the week through Saturday. That is 153k head below last week’s pace, but is up 95k head from the same week last year. The YTD total is running 2.8% above last year’s pace with 7.561m head harvested.
Feb 23 Hogs closed at $77.825, up $1.175,
Apr 23 Hogs closed at $85.725, up $1.325
Feb 23 Pork Cutout closed at $85.625, up $1.125,
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. For more information please view the Barchart Disclosure Policy here.
/Broadcom%20Inc%20HQ%20photo-by%20Sundry%20Photogrpahy%20via%20iStock.jpg)
/Super%20Micro%20Computer%20Inc%20logo%20on%20building-by%20Poetra_RH%20via%20Shutterstock.jpg)
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
/Apple%20Inc%20Tim%20Cook-by%20John%20Gress%20Media%20Inc%20via%20Shutterstock.jpg)