Following the mid/late April to mid May weakness, lean hogs have bounced back more than $10 with another $1.10 to $3.57 of that coming on Friday’s trade. The National Average Base Hog price for Friday was $110.15 after a $1.18 slide. CME’s Lean Hog Index for 5/18 was $100.37, up by 29 cents.
The weekly Commitment of Traders report showed lean hog spec traders were 10,045 contracts less net long on 5/17 than as of the 10th. That chopped their net long in half through the week, mainly via long liquidation, to 10,563 contracts.
Pork cutout futures went home for the weekend with $1.45 to $2.92 gains. USDA’s National Pork Carcass Cutout value was $3.65 higher this afternoon to $107.11. USDA’s federally inspected hog slaughter estimate for the week was 2.414m head. That was 39k higher wk/wk and 23k head more than the same week last year. Hog slaughter is still down 4.9% YTD from last year’s pace.
Jun 22 Hogs closed at $108.875, up $3.575,
Jul 22 Hogs closed at $109.000, up $2.025
Jun 22 Pork Cutout closed at $114.100, up $2.675,
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