Hog futures were another triple digits lower on the day, with front months down by 1.8% to 2.9%. The Dec contract printed a new life of contract low. The week’s net move was a $3.50 drop for Dec. The National Average Base Hog price was $3.59 lower on Friday afternoon to $69.57. The CME Lean Hog Index from 10/18 was $80.45, down by 25c.
The CoT report had managed money as net sellers for 10k hog contracts through the week that ended 10/17. Paired with some long liquidation, that reduced the group’s net long to 3,331 contracts.
Pork cutout futures finished the trading session with $0.27 to $3.20 losses. Friday’s National Pork Carcass Cutout Value was $87.97 in the PM update, back up by 84 cents. was $87.13 on Thursday afternoon, down by another 82c. USDA reported the week’s pork production at 547.2m lbs, up by 0.4% for the week but 0.7% under the same week last year. Hog slaughter was 2.61m head for the week, 1,000 head above last week and 1.6% more than the same week last year. The YTD total was reported at 101.911m head, 1.4% ahead of last year’s pace.
Dec 23 Hogs closed at $66.000, down $2.000,
Feb 24 Hogs closed at $70.425, down $1.900
Dec 23 Pork Cutout closed at $76.250, down $1.700,
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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