Hogs Rally on Friday
Lean hog futures closed the Friday session with contracts up 85 cents to $1.25. June was up $3.125 on the week to close over $100. USDA’s national average base hog negotiated price was back up 8 cents from the day prior at $91.39 in the Friday PM report. The CME Lean Hog Index was up another 52 cents from the previous day at $87.27 on April 23.
Commitment of Traders data from Friday afternoon showed speculators adding back 18,235 contracts to their net long as of April 22, taking the position to 58,457 contracts.
Pork stocks at the end of March totaled 422.254 million lbs, which was more than 40 million lbs below last year and a slight drop from February. That was also the lowest for the end of March since 1997.
USDA’s Friday afternoon pork cutout value was $2.18 higher at $98.04. The picnic, rib, and ham primals were reported lower, with the belly up $9.75. This week’s federally inspected hog slaughter from USDA was estimated at 2.371 million head. That was up 59,000 head from last week and 22,156 head below the same week last year.
May 25 Hogs closed at $92.800, up $0.850,
Jun 25 Hogs closed at $101.150, up $1.225
Jul 25 Hogs closed at $101.175, up $1.125,
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.