Lean hog futures are extending the recent slide on Tuesday, as futures are closing out 2024 with losses of 77 cents to $1.07 in the nearbys. The national average base hog negotiated price was reported at $79.59 on Tuesday morning. The CME Lean Hog Index was reported at $84.35 on December 27, down 50 cents from the previous day. The market will be closed on Wednesday for New Years Day.
Commitment of Traders data tallied managed money spec funds trimming their net long in lean hog futures and options by 323 contracts to 121,965 contracts.
USDA’s FOB plant pork cutout value was $2.41 lower in the Tuesday AM report at $91.91 per cwt. The rib primal was the only reported higher, with the rest of the primals heading lower led by the picnic, down $6.43. Federally inspected hog slaughter was estimated at 490,000 for Monday. That was even with last Monday.
Feb 25 Hogs are at $80.550, down $1.075,
Apr 25 Hogs are at $86.225, down $0.825
May 25 Hogs is at $90.600, down $0.775,
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- Where are Animal Protein Prices Heading as the Offseason for Demand Approaches?
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