Lean hog futures ended the week with another triple digit bounce. Prices were up by another $0.75 to $1.60 at the close, leaving June at a $5.62 gain for the week. The National Average Base Hog price for Friday was $71.67, down by 38 cents. The CME Lean Hog Index was $71.30 on 4/25, up by 11 cents.
CFTC’s Commitment of Trader’s update showed the funds had closed 2.7k lean hog shorts during the week that ended 4/25. In addition to some light net new buying, that reduced the group’s net short to 20,663 contracts.
Pork cutout futures closed higher by 65 cents to $1.55 on Friday. USDA’s National Pork Carcass Cutout Value for Friday was $2.51 higher to $81.32. USDA estimated the week’s FI hog slaughter at 2.387m head through Saturday. That compares to 2.454m head last week and 2.367m head during the same week last year. The Tyson plant in NE is expected to be under repairs until the second week of May. It is an 8k head/day operation.
May 23 Hogs closed at $79.650, up $1.525,
Jun 23 Hogs closed at $91.700, up $1.600
May 23 Pork Cutout closed at $84.650, up $0.650,
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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