Hogs are showing 72 to 80 cent loses so far on Monday. USDA’s Direct Morning Hog report showed light negotiated volume, with the 5-day rolling average price to $63.52. The CME Lean Hog Index for 11/16 was down 57 cents to $75.09.
Commitment of Traders data had managed money lean hog traders adding to their longs and their shorts during the week that ended 11/14. The net new sellers had the upper hand, reducing the group’s net long by 178 contracts to 13,209.
Pork cutout futures are unch at midday. The National Pork Carcass Cutout Value was back down 94 cents in the Monday AM print to $87.22. The belly was the driver of that drop, down $9.67, with the butt (-$1.67) and picnic (-$3.39) primals also reported lower. USDA showed last week’s estimated pork production at 563.6m lbs, compared to 546.3 last week and 560.3 during the same week last year. YTD output was listed at 23.943 billion lbs, a 0.4% increase from this time last year. Last week’s slaughter was listed at 2.649m head, up 2.8% for the week and 2% more than the same week last year. YTD slaughter was shown at 112.417m head, compared to 110.752m at this time last year.
Dec 23 Hogs are at $70.175, down $0.800,
Feb 24 Hogs are at $74.725, down $0.725
Dec 23 Pork Cutout is at $81.450, unch,,
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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