Lean hogs are continuing the weaker trend, with midday losses of 62 cents to $1.50 on Monday and April up 35 cents. We have expanded limits of $6 set for today. The national average base hog negotiated price from USDA was not reported this morning due to light volume, with the 5-day rolling average at $88.15. CME’s Lean Hog Index from April 3 was down 36 cents from the previous day at $88.36.
President Trump has responded to the Chinese retaliatory 34% tariff with an additional 50% on Chinese goods if they don’t take back the issued 34%. He gave them a deadline of Tuesday, April 9 to withdraw the tariffs.
Weekly Commitment of Traders data from CFTC showed a total of 3,963 contracts added back to the net long in lean hog futures and options as of April 1. That took their net long to 55,326 contracts.
The USDA pork cutout value from Monday morning was up $3.57, at $99.34 per cwt. The belly was the only primal reported lower, with the ham leading the charge higher, up $9.78. USDA estimated last week’s Federally inspected hog slaughter at 2.52 million head. That is up 40,000 head from last week and 111,777 head above the same week last year.
Apr 25 Hogs are at $87.725, up $0.350,
May 25 Hogs are at $84.500, down $0.625
Jun 25 Hogs is at $90.075, down $1.475,
On the date of publication, Austin Schroeder 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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