Hogs were triple digits higher again on Friday. The front months were up 1.6% to 3.8% on the day, leaving the June contract with a net $10.65 gain for the week. USDA’s National Average Base Hog price dropped $4.82 on Friday afternoon to $81.76. The 5/31 CME Lean Hog Index was $79.63 after a 10c boost. USDA reported the weekly negotiated cash average price for feeder pigs was $10.03 for the early weaned pigs and $41.20 for the 40#s.
Weekly CFTC data showed managed money was still exiting longs during the reporting week that ended 5/30. That had the group 7k contracts more net short at 31,110, providing donors for the late week rally.
Weekly FAS data had 22,617 MT of pork sold for export during the week that ended 5/25. Export shipments YTD total 681,787 MT.
Pork cutout futures ended the session with $1.12 to $2.77 gains as well. USDA’s National Pork Carcass Cutout Value for Friday afternoon was 96 cents lower at $84.72. USDA’s estimate for the week’s FI hog slaughter is 2.033m head through Saturday. That is down 11k from the same week last year. The full year total is 1.3% ahead of last year’s pace.
Jun 23 Hogs closed at $86.725, up $3.175,
Jul 23 Hogs closed at $84.650, up $2.600
Jun 23 Pork Cutout closed at $89.025, up $2.775,
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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