The hog market bounced into the weekend with gains of 1.8% to 2.8%. For the week, April was still at a $2.70 loss. The National Average Base Hog price was 13 cents lower on Friday afternoon to $76.58. The 8/22 Lean Hog Index from CME was 44 cents lower to $77.39.
CFTC’s weekly CoT report had managed money funds at 16,575 contracts net short in lean hogs on the 3/21 settle. That was their strongest net short for a Tuesday close since July of 2007 and came by the way of net new selling.
Pork cutout futures went into the weekend $0.92 to $2.15 higher. Friday’s Pork Carcass Cutout value was $81.05 in the PM report, up by 75 cents. USDA estimated the week’s FI hog slaughter at 2.457m head for the week through Saturday. That is 35k head below last week’s pace and is 46k head above the same week last year. The YTD pace is 1.6% above last year.
Apr 23 Hogs closed at $77.175, up $1.425,
May 23 Hogs closed at $85.675, up $2.325
Apr 23 Pork Cutout closed at $83.100, up $0.925,
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.
/Oracle%20Corp_%20logo%20on%20phone%20and%20stock%20data-by%20Rokas%20Tenys%20via%20Shutterstock.jpg)
/Green%20hydrogen%20by%20Scharfsinn%20via%20Shutterstock.jpg)
/NVIDIA%20Corp%20logo%20on%20phone%20and%20AI%20chip-by%20Below%20the%20Sky%20via%20Shutterstock.jpg)