Hogs Slipping Lower at Midday
Lean hog futures are trading with losses of a dime to 50 cents across most contracts at midday. USDA’s national average base hog negotiated price was reported at $90.66 on Monday morning, a $1.57 dop from the day prior. The CME Lean Hog Index was another 12 cents higher for May 1, at $89.69.
Commitment of Traders data showed large managed money speculators in lean hogs at a net long of 67,643 contracts by April 29, an increase of 9,186 contracts on the week.
Monday morning’s FOB plant pork cutout value was down $1.13 /cwt on a carcass basis, at $97.25. All primals excluding the ham and belly were quoted lower. Federally inspected hog slaughter from USDA was estimated at 2.486 million head for last week. That was up 56,000 head from the previous week and 83,184 head above the same week last year.
May 25 Hogs are at $92.475, down $0.475,
Jun 25 Hogs are at $99.250, down $0.100
Jul 25 Hogs is at $100.600, down $0.100,
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.
