Lean hogs posted Friday gains, with contracts up 17 to 37 cents in the front months to round out the month. The June contract was down $8.12 since April 30. USDA’s National Average Base Hog negotiated price was at $86.90 in the Friday afternoon report, down 46 cents from the day prior. The CME Lean Hog Index was back up 21 cents on May 29 at $91.00.
Export bookings for pork were up a sharp 69% from last week at 44,400 MT, with 23,200 MT to Mexico. That was the third largest total this MY. Shipments in the week of May 23 were 34,700 MT, 1% larger than the previous week and a 3-week high.
CFTC’s weekly Commitment of Traders report showed specs cutting another 14,105 contracts from their net long position as of May 28 to 29,392 contracts.
USDA’s National Pork Carcass Cutout Value was up $1.30 the Friday PM print at $103.25. The rib ($0.62), butt ($1.84) and ham ($6.07) all carried the load and were reported higher. USDA estimated federally inspected hog slaughter 483,000 head for Friday, with the weekly total at 2.155 million head through Saturday. That is down from the week prior because of the holiday and 130,062 head above the same week last year.
Jun 24 Hogs closed at $94.350, up $0.375,
Jul 24 Hogs closed at $97.125, up $0.175
Aug 24 Hogs closed at $96.500, up $0.250,
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.
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