Lean Hogs futures are trading with 50 to 75 cent gains in the nearbys on Monday so far. The national average base hog negotiated price was reported at $83.12 on Monday afternoon, up 25 cents from the day prior. The CME Lean Hog Index was reported at $89.27 on November 14, back down 51 cents from the previous day.
The large managed money spec funds in lean hog futures and options were adding another 5,374 contracts to their record net long as of 11/12. They held a net long of 120,961 contracts by Tuesday.
USDA’s FOB plant pork cutout value back lower in the Monday AM report, down 8 cents at $97.03 per cwt. The loin and picnic primals were the only reported higher. USDA estimated the weekly FI hog slaughter at 2.633 million head. That is 28,000 head above last week on increased Saturday kill but down 14,405 head from the same week last year.
Dec 24 Hogs are at $80.075, up $0.575,
Feb 25 Hogs are at $83.425, up $0.525
Apr 25 Hogs is at $87.500, up $0.600,
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.