Lean hogs continued their bullish effort for the week, up $.20 to $1.22 on Friday. Nearby August was up $3.18 for the week. The USDA National Base Hog price was reported at $82.42 on Friday afternoon, down $2.97 from the day prior. The CME Lean Hog Index was $89.27 on July 17, up 47 cents from the previous day.
USDA reported the Friday PM Pork Cutout Value $1.91 higher at $102.16. All of the primals but the butt (unchanged) were reported higher, with the rib up $4.09 and leading the way. USDA estimated Friday’s FI hog slaughter at 420,000 head, with the cyber outage having some affect on slaughter. The weekly total was 2.372 million head. That was 8,000 head above last week and 44,489 head larger than the same week last year.
Speculator/Managed Money funds were net short 11,604 contracts of hog futures and options, down 192 contracts for the week ending July 16.
Aug 24 Hogs closed at $91.575, up $0.200,
Oct 24 Hogs closed at $74.550, up $0.525
Dec 24 Hogs closed at $66.925, up $1.225,
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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