With some pre report positioning ahead of Wednesday’s Hogs and Pigs data, lean hogs closed the Friday session $2.70 to $4.70 higher in the front months. Preliminary open interest showed net new buying, up 3,605 contracts. That Friday triple digit move left April $8.07 higher for the week, and left the other front months at new contract highs. The National Average Base Hog price for Friday was $2.27 higher to $108.84. The CME Lean Hog Index was $101.50 on 3/23, up by 29 cents.
Pork futures also extended their rally to new highs for the months past April on their triple digit gains. April contracts were up $5.72 on the week, but were still $7.52 below their LoC high. USDA’s National Pork Carcass Cutout Value was $1.89 stronger in the PM update to $109.90. USDA estimates the week’s FI hog slaughter at 2.419m head through Saturday. That is down from 2.43m head last week and trails the same week last year by 129k head.
Apr 22 Hogs closed at $107.475, up $4.700,
May 22 Hogs closed at $117.900, up $3.775
Apr 22 Pork Cutout closed at $111.800, up $3.550,
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