Hogs Facing Midday Weakness
Lean hog futures are showing losses of a tick to 67 cents on Monday. USDA’s national average base hog negotiated price was not reported on Monday morning due to low volume, with the 5-day rolling average at $90.79. The CME Lean Hog Index was up another 27 cents from the previous day at $87.54 on April 24.
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.
Monday morning’s pork cutout value was a dime higher at $98.14 according to the USDA. The picnic and ham primals were reported higher, with the rest lower. Last week’s federally inspected hog slaughter from USDA was estimated at 2.371 million head. That was up 59,000 head from the previous week and 22,156 head below the same week last year.
May 25 Hogs are at $92.775, down $0.025,
Jun 25 Hogs are at $100.475, down $0.675
Jul 25 Hogs is at $100.750, down $0.425,
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.
