Hogs Shift Focus to New Week Following Friday Gains
Lean hog futures closed the Friday session with contracts up 70 cents to $1.10. April was up $3.67 on the week to take back most of the recent weakness. USDA’s national average base hog negotiated price was reported at $88.89 on Friday afternoon, a drop of $1.88. The CME Lean Hog Index was down another 2 cents from the previous day on March 5 at $90.18.
Managed money was showing a mass long liquidation in lean hog futures and options as of March 4, with the net long down a record 33,012 contracts to 57,480 contracts.
USDA’s FOB plant pork cutout from Friday afternoon was $1.87 higher to $98.36 per cwt. All primals were reported higher. USDA estimated last week’s Federally inspected hog slaughter at 2.418 million head. That is 120,000 head below last week on some transportation issues and 22,322 head behind the same week last year.
Apr 25 Hogs closed at $87.350, up $0.700,
May 25 Hogs closed at $90.600, up $0.925
Jun 25 Hogs closed at $98.100, up $1.075,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.