Lean hog futures are opening the week with Monday midday gains of 40 to 70 cents. USDA’s national average base hog negotiated price was reported at $87.99 on Monday morning, a drop of 70 cents. The CME Lean Hog Index was down another 2 cents from the previous day on March 5 at $89.90.
Managed money was showing a mass long liquidation in lean hog futures and options as of March 4, with the net long down a record 33,012 contracts to 57,480 contracts.
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USDA’s FOB plant pork cutout from Monday morning was $1.81 higher to $100.17 per cwt. The rib was the only primal lower, down $2.40, with the rest of the primals reported higher. USDA estimated last week’s Federally inspected hog slaughter at 2.418 million head. That is 120,000 head below last week on some transportation issues and 22,322 head behind the same week last year.
Apr 25 Hogs are at $87.825, up $0.475,
May 25 Hogs are at $91.175, up $0.575
Jun 25 Hogs is at $98.600, up $0.500,
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