Hogs Pushing Higher to Start New Week
Lean hogs are trading 60 cents to $1.40 higher on Monday. USDA’s National Average Base Hog negotiated was not printed on Monday morning due to light volume, as the 5-day rolling average is a $88.87. The CME Lean Hog Index was back down 11 cents higher at $91.35 on April 18.
CFTC data showed lean hog spec funds cutting 6,086 contracts from their large net long in hogs as of Tuesday to 86,645 contracts.
USDA’s National Pork Carcass Cutout Value saw some strength in the Monday morning print, up $1.56 at $101.65. The loin and butt primals were the only reported lower, with the others leading the way higher. USDA estimated last week’s federally inspected hog slaughter at 2.487 million head through Saturday. That is 2,000 head above last week and a 34,388 head increase from the same week last year. Pork production on the week was up 0.3% from last week at 536 million lbs.
May 24 Hogs are at $96.850, up $0.625,
Jun 24 Hogs are at $105.550, up $0.725
Jul 24 Hogs is at $107.800, up $1.325,
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.
