Front month lean hog futures closed the week’s last trade day with a 15 cent gain in June to $0.37 to $1.70 losses in the other nearbys. June hogs closed down by 20 cents from week to week. USDA’s National Average Base Hog price for Friday afternoon was $112.09 after a $3.13 dip. CME’s Lean Hog Index for 6/1 was 12 cents higher at $105.03.
The CoT report showed managed money was 3,610 contracts more net long in lean hog futures and options through the week that ended 5/31. The rotation of 1.78k contracts from short to long left the group 18,491 contracts net long.
Pork export sales from the week of 5/26 were 31,900 MT. That was down from last week, but still up 15% from the 4-week average. Mexico was the week’s top buyer with 13k MT. USDA also reported 31,200 MT of pork exports from the week, with Mexico as the top destination.
Pork cutout futures on the board went into the weekend with Friday losses of $0.47 to $1.50. USDA reported Friday’s National Pork Carcass Cutout value at $109.38 after fading $2.64. Bellies dropped $16.66 on Friday afternoon to $160.53. USDA’s estimated hog slaughter under federal inspection was 2.044m head for the week through Saturday. The YTD kill is estimated at 53.052m head, down 4.6% yr/yr.
Jun 22 Hogs closed at $110.200, up $0.150,
Jul 22 Hogs closed at $110.750, down $1.425
Jun 22 Pork Cutout closed at $114.025, down $0.475,
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
/Analog%20Devices%20Inc_%20logo%20and%20stock%20chart-by%20IgorGolovniov%20via%20Shutterstock.jpg)