Lean hogs ended the last trade day of the week with a 92 cent gain in July. That left the contract at a net $3.22 gain for the week. The back months faded into the weekend, but December was still at a net $2.75 gain for the week. USDA’s National Average Base Hog price was $8.15 weaker at $85.17 in the Friday PM report. The CME Lean Hog Index for 6/14 was up by 62c to $86.87.
The weekly CoT report showed lean hog spec traders were closing shorts through the week that ended 6/13. That reduced their net short to 4,630 contracts from 16k last week and 31k two weeks prior.
Pork cutout futures closed mostly higher on Friday, though Dec slipped by 37 cents. USDA’s National Pork Carcass Cutout Value was shown at $92.33 this afternoon after a $1.44 bounce. USDA figured the week’s FI hog slaughter through Saturday is 2.33m head. That is down from 2.358 last week and is 33k head less than the same week last year.
Jul 23 Hogs closed at $92.850, up $0.925,
Aug 23 Hogs closed at $90.675, up $0.375
Jul 23 Pork Cutout closed at $96.575, up $0.950,
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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