Lean hogs remained in the black for the week, though futures pulled back some on Friday. The front months settled the day UNCH to 25 cents weaker, save for a 2 cent gain in the June contract. October stayed at a net $1.60 gain for the week Friday to Friday. Friday’s National Average Morning Base Hog price was $77.51, down by another 81 cents. The CME Lean Hog Index for 9/12 was $86.48, up by 35 cents.
CFTC’s weekly CoT update showed managed money with a 38,168 contract net long in hogs as of 9/12. That was a 6k contract stronger net position with fewer shorts in play in addition to net new buying for the week.
Pork cutout futures closed 2 to 30 cents weaker on the week’s last trading day. USDA’s National Pork Carcass Cutout Value dropped $1.43 on Friday to $97.66. USDA estimated the week’s FI hog slaughter at 1.905m head through Thursday, compared to 1.929m during the same week last year.
Oct 23 Hogs closed at $83.125, down $0.225,
Dec 23 Hogs closed at $75.100, up $0.000
Oct 23 Pork Cutout closed at $94.400, down $0.250,
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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