Lean hogs are feeling pressure on Monday with contracts down $2.15 to $3.37. The USDA National Base Hog price was reported at $84.16 in the Monday morning report, down $2.03 from the day prior. The CME Lean Hog Index was $91.85 on July 25, up 46 cents from the previous day.
Spec traders in lean hog futures and options slashed 7,174 contracts from their net short as of last Tuesday to 4,430 contracts.
USDA’s FOB plant pork cutout values was up $2.44 in the Monday morning average carcass quote, at $107.61 per cwt. Just the rib and ham were reported lower, with the belly up $13. USDA estimated the weekly FI hog slaughter at 2.436 million head. That is up 64,000 head from last week and 37,545 head above the year ago.
Aug 24 Hogs are at $91.325, down $2.150,
Oct 24 Hogs are at $74.825, down $3.375
Dec 24 Hogs is at $67.950, down $2.375,
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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