Hogs posted $0.30 to $1 losses on Tuesday, with contracts near their lows for the day. April is nearing life of contract lows. USDA’s National Average Afternoon Base Hog price was $1.60 higher to $78.06. The CME Lean Hog Index was back down by 46 cents to $79.55 on 3/17.
The newest release of CFTC Commitment of Traders data showed managed money had flipped back to net long in lean hog futures and options. Short covering through the week had specs 2,136 contracts net long on 3/14.
Pork cutout futures ended Tuesday $0.02 to $1.20 in the red. USDA’s National Pork Carcass Cutout value was delayed citing packer submission errors, the AM report was $82.94. USDA estimated Tuesday’s FI hog slaughter at 485,000 head. After revising Monday lower, the week’s running total is now 944k. That is 25k head below last week’s pace but still up 2k from the same week last year.
Apr 23 Hogs closed at $77.050, down $0.725,
May 23 Hogs closed at $84.700, down $0.450
Apr 23 Pork Cutout closed at $83.900, down $1.000,
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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