Lean hog futures held higher on Friday, with contracts 12 to 70 cents higher at the close, with August $1.20 higher on the week. USDA’s national base hog price was down $2.77 in the Friday PM report to $99.37. The CME Lean Hog Index was another 40 cents higher on July 22 at $97.48.
The weekly CFTC Commitment of Traders report showed managed money slashing 12,281 contracts from their previously near record net short position in the week of July 21. That took the net short to 18,157 contracts.
Cold Storage data from Friday showed June 30 pork stocks at 458.22 million lbs. That was up 9.44% from last year and 0.7% above the end of May.
USDA’s pork carcass cutout value was up 15 cents in the Friday afternoon report, at $104.63. The butt and belly primals were the only reported higher. USDA estimated federally inspected hog slaughter for this week was 2.268 million head. That is 28,000 head below the week prior and 55,397 head shy of the same week last year.
Aug 26 Hogs closed at $102.850, up $0.700,
Oct 26 Hogs closed at $89.025, up $0.125
Dec 26 Hogs closed at $80.325, up $0.200,
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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