Lean hog futures are collapsing so far on Monday, ahead of the quarterly Hogs & Pigs report. The national average base hog negotiated price was not reported on Monday morning, with the 5-day rolling average at $78.84. The CME Lean Hog Index was reported at $84.35 on December 19, up 14 cents from the previous day.
The quarterly Hogs & Pigs report will be released this afternoon, with a Reuters survey of traders calling for all hogs inventory as of December 1 up 0.1% from last year. The number of market hogs is seen up 0.1% from last year with breeding inventory steady.
Commitment of Traders data indicated some long liquidation in the week leading up to December 17, as the spec finds net long was pared back by 8,451 contracts to 122,308 contracts.
USDA’s FOB plant pork cutout value reported back lower on Monday AM, down $3.56 at $93.72 per cwt. The loin and butt primals were the only reported higher, with the belly leading the charge to the downside, $10.10 lower. USDA estimated the weekly FI hog slaughter at 2.581 million head. That is 21,000 head above last week and up 152,448 head from the same week last year.
Feb 25 Hogs are at $83.800, down $2.125,
Apr 25 Hogs are at $88.975, down $1.550
May 25 Hogs is at $92.825, down $1.525,
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.