A firm close for Friday’s lean hog trade had the board within 30 cents of UNCH. Feb was a net 35 cents lower for the day but still a net 42 cents higher for the week. USDA’s National Average Base Hog price was $1.59 weaker in the Friday afternoon quote to $61.76. The CME Lean Hog Index was $72.71 on 1/31, up by 33 cents.
The weekly Commitment of Traders data confirmed a massive short covering program from lean hog spec traders during the week that ended 1/30. The group dropped 16k shorts and raised their net long 22.5k to 25k contracts.
USDA’s National Pork Carcass Cutout Value was $88.40 on Friday afternoon, down by 19 cents despite a $7.09 increase for bellies. USDA reported the week’s pork output at 586.8m lbs. That was a 0.2% increase for the week, and was 4.5% above the same week last year. The week’s slaughter was listed at 2.692m head compared to 2.689m last week and 2.59 million during the same week last year.
Feb 24 Hogs closed at $75.450, down $0.350,
Apr 24 Hogs closed at $83.825, up $0.075
Feb 24 Pork Cutout closed at $87.250, down $0.750,
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.
/Nvidia%20logo%20and%20sign%20on%20headquarters%20by%20Michael%20Vi%20via%20Shutterstock.jpg)
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
