Hogs Mixed on Monday
Lean hogs are showing a slight bounce in the nearbys on Monday, with May up 15 cents and June up 22. Other contracts are down 55 cents to $1.10. USDA’s National Average Base Hog negotiated price not updated this morning due to light volume. The CME Lean Hog Index was another 72 cents higher at $90.56 on April 11.
Managed money extended their large net long in the hog market, adding 15,803 contracts of futures and options during the week that ended on April 9. They held their largest net long since October 2013 at 92,731 contracts on Tuesday.
USDA’s National Pork Carcass Cutout Value shot higher in the Monday morning print, up $3.10 at $104.30. The loin and butt primals were reported lower, with the belly leading the way higher, up $19.49. USDA estimated last week’s federally inspected hog slaughter at 2.485 million head. That is 64,000 head above last week and a 58,000 head increase from the same week last year. Pork production this week was up 1.4% from last year at 534.6 million lbs.
May 24 Hogs are at $94.025, up $0.150,
Jul 24 Hogs are at $103.150, down $1.100
Aug 24 Hogs is at $101.250, down $1.000,
On the date of publication, Alan Brugler 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.