Lean hog futures saw Friday strength, with contracts up $1.22 to $2.12 in most front months, as April was down a nickel. Open interest was down 1,138 contracts. USDA’s national base hog price was reported at $90.52 on Friday afternoon, down 37 cents from the day prior. The CME Lean Hog Index was down another 19 cents on March 25 at $91.46.
Hogs and Pigs data from Thursday afternoon, showed all hog inventory up 0.44% from a year ago at 74.321 million head. Market hogs were up 0.61% at 68.429 million head, with and hogs kept for breeding down 1.47% to 5.892 million head. Sows farrowing in Dec-Feb were down 1.48% compared to intentions of 1.91% last quarter. The Dec-Feb pig crop was up 0.57% to 33.177 million head.
Managed money was busy slashing their net long in the week ending on March 24 by 15,070 contracts, taking the position in lean hog futures and options to 101,483 contracts.
USDA’s pork carcass cutout value from the Friday afternoon report was up $1.21 at $96.56 per cwt. The picnic and belly were the only primals reported lower. USDA estimated last week’s federally inspected hog slaughter at 2.524 million head. That is 97,000 head above last week and 47,409 head larger than the same week last year.
Apr 26 Hogs closed at $90.775, down $0.050,
May 26 Hogs closed at $96.975, up $1.225
Jun 26 Hogs closed at $106.125, up $1.825,
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.
