Lean hog futures posted losses of 20 cents to $1.60 on Friday, as Feb held onto gains of $1.87 last week. The national average base hog negotiated price was reported at $83.43 on Friday afternoon, up $2.81 from the day prior. The CME Lean Hog Index was reported at $83.06 on January 29, up 47 cents from the previous day.
On Saturday President Trump signed an executive order to impose a 25% tariffs on most Canadian and Mexico goods, starting on Tuesday. Canadian crude oil will have a 10% tariff. While Mexico hasn’t stated the list of retaliatory action, pork is likely on the list. Canada has indicated that pork will be on the list of retaliatory action in the their secondary list of products. President Trump has indicated he will meet with both countries leaders today.
Managed money spec funds were trimming back their net long in lean hog futures and options by 213 contracts to 91,937 contracts.
USDA’s FOB plant pork cutout value was $1.82 higher in the Monday PM report at $94.75 per cwt. The loin primal was the only reported lower, with the belly up $8.31. Federally inspected hog slaughter for the week was estimated at 2.574 million head. That is 97,000 head above last week but down 128,152 head from the same week last year.
Feb 25 Hogs closed at $84.175, down $0.200,
Apr 25 Hogs closed at $90.350, down $1.575
May 25 Hogs closed at $94.525, down $1.075,
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