Lean hog futures rallied to close out the week, with contracts up 97 cents to $1.35 and Dec rolling off the board up 17 cents. February was up just 47 cents last week. The national average base hog negotiated price was reported at $78.93 on Friday afternoon, which was down 9 cents from the day prior. The CME Lean Hog Index was reported at $83.92 on December 11, up 31 cents from the previous day.
Managed money trimmed back 2,748 contracts from their record net long position in lean hogs and futures as of 12/10, taking it to 130,759 contracts.
USDA’s FOB plant pork cutout value reported back higher on Friday PM, up $2.30 at $94.61 per cwt. The rib was the only cut reported lower, with the belly leading the upside charge, up $8.99. USDA estimated the weekly FI hog slaughter at 2.573 million head. That was 29,000 head below last week and down 121,652 head from the same week last year.
Dec 24 Hogs closed at $83.725, up $0.175,
Feb 25 Hogs closed at $85.600, up $1.125
Apr 25 Hogs closed at $89.750, up $1.300,
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. More news from BarchartThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
