Lean hog futures posted nearby strength on Friday, with contracts up a dime to $1 at the close. April was back down 72 cents on the week. The Friday afternoon national average base hog negotiated price from the USDA was reported at $89.05, down a dime from the day prior. The CME Lean Hog Index was back down 3 cents from the previous day at $89.74 on March 12.
Speculators in lean hog future and options cut back another 1,909 contracts from their net long as of March 11, taking that net long to 55,571 contracts as of Tuesday.
USDA’s FOB plant pork cutout was up 9 cents in the Friday PM report at $97.38 per cwt. The loin and belly primals were reported lower, with the rest heading higher. USDA estimated last week’s Federally inspected hog slaughter at 2.515 million head. That is 97,000 head above last week and 59,009 head larger than the same week last year.
Apr 25 Hogs closed at $86.625, up $1.000,
May 25 Hogs closed at $89.200, up $0.400
Jun 25 Hogs closed at $96.300, up $0.100,
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