Hogs Close the Week with Mixed Action
Lean hog futures closed Friday mixed, with nearby August up 50 cents and other contracts 50 to 67 cents lower. August was up $2.22 this week. USDA’s national base hog price had a weighted average of $110.27 in the Friday PM report, down $3.34 from the previous report. The CME Lean Hog Index was up 72 cents at $109.95 on July 23.
Monthly Cold Storage data from USDA showed a total of 422.29 million lbs of pork stocks on hand as of June 30. That was down 6.32% from May and 11.1% below last year.
Weekly CFTC data showed managed money trimming another 4,186 contracts from their net long position as of Tuesday to 110,407 contracts.
USDA’s Friday morning FOB plant pork cutout value was $1.32 higher at $118.86 per cwt. All primals except the ham and belly were reported higher, led by a $7.31 gain in the rib. USDA estimated hog slaughter at 2.338 million head for the full week total. That was 4,000 head below last week and down 100,899 head from the same week last year.
Aug 25 Hogs closed at $108.700, up $0.500,
Oct 25 Hogs closed at $90.600, down $0.500
Dec 25 Hogs closed at $82.250, down $0.675,
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.