Lean hog futures closed with mostly weaker action as contracts were down 50 to 62 cents. Expiring February was up a dime. April closed with a 45 cent gain in the week. USDA’s national average base hog negotiated price was reported at $88.23 on Friday afternoon down $2.52 from the previous day. The CME Lean Hog Index was up another 98 cents on February 12 at $88.06. The markets will be closed on Monday for President’s Day, with a normal open for the Tuesday session.
The large managed money speculators in the lean hog market were adding 7,297 contracts to their net long in futures and options as of 2/11. That position was 102,626 contracts as of Tuesday.
The USDA FOB plant pork cutout value was up $1.12 in the Friday afternoon report at $101.99 per cwt. The loin, butt, and rib primals were all reported lower, with the belly up $7.05. USDA’s Federally inspected hog slaughter for the week was estimated at 2.54 million head. That was 2,000 head above last week and 9,726 head above the same week last year.
Feb 25 Hogs closed at $89.475, up $0.100,
Apr 25 Hogs closed at $92.600, down $0.500
May 25 Hogs closed at $96.425, down $0.625,
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 Barchart
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