Front month lean hog futures traded 40 to 75 cents weaker on the day. For the Feb contract, that resulted in a net 47 cent loss from Monday’s open. USDA’s National Average Base hog price was $3.93 stronger to $61.80 on Friday. CME’s Lean Hog Index was $70.27 on 11/30, which was 23 cents higher.
CFTC’s weekly CoT report showed managed money funds were 897 contracts more net long in lean hogs as of 11/30. Net new buying more than offset the spec selling through the week to leave the group 56,373 contracts net long.
Pork cutout futures went into the weekend with 50 to 72 cent losses on Friday. USDA’s National Pork Carcass Cutout Value was $81.37 this afternoon, down by $6.72. Hams were $15.02 weaker, and bellies were down by $10.54 in the PM update. USDA’s FI hog slaughter estimate for the week through Saturday was 2.667m head. That is under 2.786m head last year, but not comparable to last week due to Thanksgiving.
Dec 21 Hogs closed at $74.000, down $0.400,
Apr 22 Hogs closed at $85.875, down $0.450
Dec 21 Pork Cutout closed at $86.275, down $0.725,
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