Lean hog futures followed their limit bounce out of Memorial Day weekend with another triple digits to the upside. Futures were up $0.97 to $3.80 on the day. That limited the monthly net change for the June contract to a $9.12 loss. July hogs closed the month with a net $10.35 loss. CME data confirmed short covering during the limit up move yesterday, with 3,874 fewer contracts in play across the board. USDA’s National Average Base Hog price was $11.47 higher(!) to $86.62. The CME Lean Hog Index was $80.08 on 5/29, down by 40 cents.
Pork cutout futures settled up by $1.20 to $2.62 on Wednesday. USDA’s National Pork Carcass Cutout Value was $85.27 on Wednesday afternoon, up by $1.59. USDA estimated the week’s FI hog slaughter at 963k head through Wednesday, which is 4k head behind the same week last year.
Jun 23 Hogs closed at $82.575, up $1.750,
Jul 23 Hogs closed at $83.325, up $3.800
Jun 23 Pork Cutout closed at $85.250, up $1.200,
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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