Every single day last week August hogs moved triple digits, and ultimately July only ended the week a net 8 cents red. Front month lean hog futures went into the weekend with $1.60 to $3.10 gains. USDA’s National Average Base Hog price for Friday afternoon was $120.23 after a $0.59 drop. The ECB price was withheld for confidentiality while WCB was quoted at $124.24. The CME Lean Hog Index was $110.74 on 6/21, up by 29 cents.
Lean hog spec traders were 28,814 contracts net long as of 6/21 according to the CFTC. That was a 9,982 contract stronger net position wk/wk, mainly driven by short covering.
USDA’s weekly Export Sales report showed 25,386 MT of pork was sold during the week that ended 6/16. Pork shipments were 28,853 MT during the week, bringing the YTD total to 711,154 MT. That trails last year’s record by 24%.
Pork cutout futures went into the weekend $1 to $2.67 higher. USDA’s National Pork Carcass Cutout Value for Friday afternoon was $2.43 higher to $112.20. USDA has the FI hog slaughter estimated at 2.304m head for the week through Saturday. That is down 68k head from the week prior and 50k head below the same week last year.
Jul 22 Hogs closed at $110.925, up $2.375,
Aug 22 Hogs closed at $106.775, up $3.100
Jul 22 Pork Cutout closed at $111.850, up $1.000,
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