Hog futures ended the Friday session $0.60 to $1.27 higher with Feb up the most. From Friday to Friday Feb hog futures were 6.5% higher and trading at 3-month highs. The other front months set new contract highs during the week. USDA’s National Average Base hog price for Friday was down $3.87 to $62.69. The CME Lean Hog Index from 1/19 was $76.79 after a 6 cent pullback.
Pork cutout futures closed with some triple digit gains on Friday, going home $0.57 to $1.60 higher. USDA’s National Pork Carcass Cutout Value was $93.29 on Friday afternoon, up by $1.05. USDA estimated the week’s federally inspected hog slaughter at 2.44m head through Saturday. That is 74k head more wk/wk, but down 278k head yr/yr.
Friday’s Commitment of Traders report showed the large managed money spec funds were still net long 48,795 contracts as of January 18. Despite the rally, their position only changed 9 contracts vs. the previous week. What was notable was the 888 contract increase from the ‘buy and hold’ index funds.
Feb 22 Hogs closed at $86.200, up $1.275,
Apr 22 Hogs closed at $94.950, up $0.950
Feb 22 Pork Cutout closed at $96.100, up $1.600,
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