Hogs saw losses of 62 cents to $1.85 on Monday, with December the exception, up 30 cents. USDA’s National Average Base Hog price was reported at an average price of $58.85 in the Monday PM report on light action, which was up $1.36 from the Friday afternoon price. The CME Lean Hog Index for 11/22 was down another 30 cents to $73.60.
Chinese hog futures prices dove almost 6% on Monday, with producers heeding a government call to reduce herd size in the face of poor profitability.
Spec traders in lean hog futures and options reverted back to a net short by November 21 of just 14 contracts, a 13,223 contract position flip on the week.
December pork cutout futures were down 20 cents. The National Pork Carcass Cutout Value up a sharp $4.58 in Monday afternoon report at $88.75. All primulas were reported higher, with the belly up $17.61 and the picnic $5.55 higher. USDA estimated FI hog slaughter at 485,000 head for Monday. That was a 1,000 drop from last week and 5,000 head below the same week last year.
Dec 23 Hogs closed at $67.875, up $0.300,
Feb 24 Hogs closed at $66.925, down $1.850
Dec 23 Pork Cutout closed at $79.500, down $0.200,
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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