Lean Hogs are $1.55 to $3.05 in the red so far on Wednesday. USDA’s National Average Base Hog price for the Wednesday AM report was $4.15 higher at $78.77. The CME Lean Hog Index for 3/13 was up just 3 cents from the previous day to $79.89.
Spec traders flipped back to a net short position of 334 contracts in hogs as of February 28, a weekly move of -6,390 contracts according to Commitment of Traders data.
The nearby pork cutout futures are down $1.20. USDA’s National Pork Carcass Cutout value was down another $2.18 in the Wednesday morning report at $86.19. The butt (+$0.01) and rib (+$0.43) primals the only reported higher, with all others lower. USDA estimated federally inspected hog slaughter at 485,000 head for Tuesday, even with last week. The WTD total is 969,000 head, 23,000 head larger vs. last week and 26,000 head above the same week last year.
April 23 Hogs are at $83.850, down $1.550,
May 23 Hogs are at $91.250, down $2.450
April 23 Pork Cutout is at $91.225, down $1.200,
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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