Hogs See Gains into the Weekend
Lean hog futures settled the Friday session with contracts up 5 to 70 cents the day. October expires on Monday. The national average base hog price was reported at $74.34 on Friday afternoon. The CME Lean Hog Index was reported at $84.47 on October 9, steady with the day prior.
Friday afternoon’s Commitment of Traders report showed managed money in lean hog futures and options adding 13,547 contracts as of 10/8. They held a net long position of 70,599 contracts by Tuesday, the largest since April.
USDA’s FOB plant pork cutout value was reported at $94.47 per cwt in the Friday PM release, down 40 cents from the day prior. The loin was the driver, down $3.99. USDA estimated the weekly FI hog slaughter at 2.584 million head. That is down 2,000 head from the previous week and 23,584 head below the same week last year.
Oct 24 Hogs closed at $84.075, up $0.050,
Dec 24 Hogs closed at $77.650, up $0.700
Feb 25 Hogs closed at $81.150, up $0.750,
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.