Front month lean hog futures closed with the limit $4.75 gains in the first 3 months. The back months also rallied at least 4% into the new week. The market will trade within the $7 expanded limit on Wednesday. End of month asset allocation protocol could have funds looking to realize their winning short positions in hogs. USDA’s National Average Base Hog price was $75.15 on Tuesday afternoon. The CME Lean Hog Index was $80.48 for 5/25, down by 32 cents.
Pork cutout futures settled $3.60 to $4.85 higher on the day, and will also utilize expanded limits tomorrow - $8.25. USDA’s National Pork Carcass Cutout Value was $1.48 higher on Tuesday afternoon to $83.68. USDA estimated the week’s FI hog slaughter at 483k head through Tuesday, up 14k head from the same week last year.
Jun 23 Hogs closed at $80.825, up $4.750,
Jul 23 Hogs closed at $79.525, up $4.750
Jun 23 Pork Cutout closed at $82.500, up $3.125,
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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