Lean hog futures closed the Friday trade with contracts a dime to 25 cents lower in the nearbys. February was up just 7 cents this week, as April was 97 cents higher. USDA’s national base hog price was reported at $83.56 on Friday afternoon, up 47 cents from the day prior. The CME Lean Hog Index was up another 67 cents on Jan 21 at $83.07.
Export Sales data showed 33,249 MT of pork sold in the week ending on January 15. Shipments were at 39,223 MT during that week.
Monthly Cold Storage data showed pork stocks on December 31 at 390.55 million lbs, which was down 1.5% from last year and the lowest December since 1997
Commitment of Traders data showed managed money in lean hog futures and options increasing their net long by 14,794 contracts as of 1/20. That net long was the largest since October at 97,418 contracts on Tuesday.
USDA’s pork carcass cutout value from the Friday PM report was $1.13 higher at $95.75 per cwt. The rib primal was the only reported lower. USDA estimated federally inspected hog slaughter for this week at 2.484 million head. That is 139,000 head below last week but 10,192 head above the same week last year.
Feb 26 Hogs closed at $88.350, down $0.125,
Apr 26 Hogs closed at $96.175, down $0.175
May 26 Hogs closed at $99.550, down $0.225,
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. This article was originally published on Barchart.com
