The hog market firmed up by 25 cents to $1.02 on the last trade day of the week. October saw a $5.73 range for the week, but closed at a net $1.95 loss Friday to Friday. USDA’s National Average Base Hog price dropped 88 cents to $99.67. The CME Lean Hog Index was up by 6 cents on 8/2 to $105.86.
The weekly Commitment of Traders report showed managed money funds were hog buyers during the week of 8/1. The net new buying extended their net long by 3.4k contracts to 30.7k.
The pork cutout futures market was triple digits higher on the day, with a $1.15 gain for October. Friday afternoon’s National Pork Carcass Cutout Value dropped $1.94 to $113.69 and bellies were down by $10.71. Federally inspected hog slaughter was estimated at 2.338m head for the week through Saturday. That is down 54k from last week but more than the 2.335m last year. USDA estimates the YTD slaughter at 74.477m head.
Aug 23 Hogs closed at $101.025, up $0.025,
Oct 23 Hogs closed at $83.075, up $1.025
Aug 23 Pork Cutout closed at $109.475, up $0.475,
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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