Hogs Post Strength to Close Out Week
Lean hog futures closed out the Friday session with contracts up 7 cents to $1.02 across most months. The national average base hog price was reported at $75.66 on Friday afternoon, up 41 cents from the previous day. The CME Lean Hog Index was reported at $85.20 on October 23, up 54 cents from the day prior.
The monthly Cold Storage report showed a total of 460.141 million lbs of pork stocks at the end of September. That is the lowest for the month since 2010 but an albeit seasonal increase of 1.07% increase from the end of August.
CFTC data showed speculators in lean hog futures and options adding another 12,126 contracts to their net long position as of 10/22 to a net long of 87,126 contracts.
USDA’s FOB plant pork cutout value was reported at $98.94 per cwt in the Friday PM release, up 79 cents from the day prior. The belly carried the load, with gains of $8.31. USDA estimated this week’s FI hog slaughter at 2.593 million head. That is down 19,000 head from the previous week and 18,132 head below than the same week last year on a slower Saturday kill.
Dec 24 Hogs closed at $79.675, up $1.025,
Feb 25 Hogs closed at $83.425, up $0.625
Apr 25 Hogs closed at $86.650, up $0.400,
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.