Hog Futures Reduced Weekly Drop with Friday Firmness
Front month lean hog futures firmed up into the weekend with 12 to 80 cent gains. That still had April with a net weekly drop of $2.67 going home on Friday. USDA’s National Average Afternoon Base Hog price was $1.27 weaker on Friday at $63.79. The CME Lean Hog Index was $74.02 on 2/6, up by another 16 cents.
The weekly CFTC data release showed managed money funds covering shorts through the week that ended 2/6. The 7.7k fewer shorts expanded the spec group’s net long to 31,647 contracts.
The pork cutout futures were unch to 90 cents higher on Friday. USDA’s National Pork Carcass Cutout Value was $85.97 on Friday afternoon, down by 39 cents. The weekly pork production was shown at 570.4 million lbs. That was 2.8% lower for the week but was up 6.7% yr/yr. Hog slaughter was down 2.6% for the week with 2.622m head
Feb 24 Hogs closed at $73.675, up $0.375,
Apr 24 Hogs closed at $81.150, up $0.800
Feb 24 Pork Cutout closed at $84.700, up $0.900,
On the date of publication, Alan Brugler 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.