Lean hog futures are up a nickel in expiring April, with other contracts $1.17 to $1.72 higher. USDA’s national average base hog negotiated price was up 46 cents on Monday morning to 83.50. The CME Lean Hog Index was down another 81 cents from the previous day at $86.86 on April 10.
Commitment of Traders data showed spec traders were slashing 19,064 contracts from their net long in lean hog futures and options as of 4/8 to 36,262 contracts.
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The Monday morning pork cutout value was back $2.44 according to the USDA report this morning, at $94.40 per cwt. The butt was up $9.55 to lead the way. USDA’s federally inspected hog slaughter was estimated at 2.492 million head for last week. That is up 22,000 head from last week and 10,514 head above the same week last year.
Apr 25 Hogs are at $85.475, up $0.050,
May 25 Hogs are at $87.750, up $1.175
Jun 25 Hogs is at $95.050, up $1.725,
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.
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