Following the quarterly Hogs and Pigs update from NASS, lean hog futures ended with a triple digit loss in April to a new contract low and an 80 cent gain in the October contract. That spreading was influenced by the 8-yr low in Mar-May farrowing intentions from the report. During the month of March, April hogs saw a wide, mostly downward, $12.50 range for a loss of $9.92.
The CoT report showed managed money was adding lean hog shorts during the week that ended 3/28. That expanded their net short by 5.9k contracts to 22.5k contracts.
The National Average Base Hog price for Friday afternoon was $4.05 weaker to $71.90. The CME Lean Hog Index was $75.77 after a 23 cent drop for 3/29.
Pork cutout futures are red through the active months at midday. USDA’s Pork Carcass Cutout value was $1.51 weaker on Friday afternoon to $77.28. USDA estimated the week’s FI hog slaughter at 2.497m head through Saturday. That is up 40k from last week and is 58k head above the same week last year. YTD hog slaughter is 1.7% above last year’s pace.
Apr 23 Hogs closed at $75.250, down $1.200,
May 23 Hogs closed at $84.625, down $0.125
Apr 23 Pork Cutout closed at $80.650, down $0.800,
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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