Hogs See Modest Strength on Friday, as Pork Hits Lowest Price Since 2020
Lean hog futures saw Friday strength, with contracts 2 to 45 cents higher on Friday, as December was still down $1.35 this week. USDA’s national base hog price was reported at $67.40 in the Friday afternoon report, up 92 cents from the day prior. The CME Lean Hog Index was down another 67 cents on October 21 at $72.15.
Commitment of traders data from Friday showed managed money in lean hog features and options trimming just 955 contracts from their large net short position to 41,133 contracts as of Tuesday, October 20th.
Cold Storage data showed 427.81 million lbs of pork stocks at the end of September, down 0.83% from the end of August, but still 8.77% above the same month last year.
USDA’s pork carcass cutout value was down $1.14 in the Friday PM report, at $74.09. The pincic primal was only reported higher. Federally inspected hog slaughter for this week was estimated 2.615 million head through Saturday. That was 62,000 head above last week and 38,281 head above of the same week last year.
Dec 26 Hogs closed at $65.575, up $0.025,
Feb 27 Hogs closed at $67.625, up $0.200
Apr 27 Hogs closed at $72.675, up $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. For more information please view the Barchart Disclosure Policy here.