Lean Hog futures posted gains of 17 cents to $1.02 on Friday, as Dec was up $2.175 on the week. The national average base hog negotiated price was reported at $82.72 on Friday afternoon. The CME Lean Hog Index was reported at $87.44 on November 20, down another 39 cents from the previous day.
Commitment of Traders data showed spec traders in lean hog futures and options trimming back 5,371 contracts from their record net long to 115,590 contracts by November 19.
Year to date pork shipments have totaled 1.475 MT according to Export Sales data, which is up 6.2% from a year ago at the same time. Adding in unshipped sales for the total commitments show 1.654 MMT, which is 1.1% larger than last year.
USDA’s FOB plant pork cutout value reported back lower on Friday afternoon, down $1.30 at $91.77 per cwt. The picnic primal was reported higher by 2.83, with the others down in a range of 74 cents to $6.68, led by the rib. USDA estimated the weekly FI hog slaughter at 2.565million head. That is 73,000 head below last week but well above the same (Thanksgiving) week last year.
Dec 24 Hogs closed at $81.675, up $0.875,
Feb 25 Hogs closed at $85.675, up $1.025
Apr 25 Hogs closed at $89.825, up $0.900,
- Where are Animal Protein Prices Heading as the Offseason for Demand Approaches?
- Where are Animal Proteins Prices Heading in Q3 and Beyond?
- Can the Meats Rally During the Peak Season in 2024?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
