Hog futures ended Friday with more triple digit losses to new life-of-contract lows. June settled the session 2% in the red for a net weekly drop of $6.95. June is also at a $15.62 loss so far for the month. USDA’s National Average Afternoon Base Hog price for Friday was $75.69 after a $3.77 drop. The CME Lean Hog Index was $80.80 in on 5/24 after another 13 cent increase.
CFTC showed managed money firms were adding 4.7k new shorts through the week. That extended the group’s net short to 24,129 contracts as of 5/23.
Pork cutout futures settled Friday’s session with $1.90 to $2.97 losses. USDA’s National Pork Carcass Cutout Value was up by $1.01 to $82.20. USDA estimated the week’s FI hog slaughter at 2.371 million head, down from 2.397m last week but up from 2.346 during the same week last year.
Jun 23 Hogs closed at $76.075, down $1.575,
Jul 23 Hogs closed at $74.775, down $2.475
Jun 23 Pork Cutout closed at $79.375, down $1.900,
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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