Lean Hog fell again on Friday, with contracts down 32 cents to $1.50. The national average base hog negotiated price was reported at $84.67 on Friday afternoon, down $1.47 from the day prior. The CME Lean Hog Index was reported at $89.78 on November 13, back down 16 cents from the previous day.
Weekly Export Sales data indicated net sales of 19,825 MT of pork in the week of November 7. Mexico purchased a total of 9,600 MT, with 3,900 MT sold to Japan. Export shipments were back down from last week’s 26-week high at 31,087 MT. Of that total, 12,600 MT was to Mexico, with 3,900 MT to Japan.
The large managed money spec funds in lean hog futures and options were adding another 5,374 contracts to their record net long as of 11/12. They held a net long of 120,961 contracts by Tuesday.
USDA’s FOB plant pork cutout value back higher in the Friday PM report, up $3.04 at $97.11 per cwt. The loin and ham primals were the only ones not reported higher, with the belly back up after yesterday’s dump, $18.44 higher. USDA estimated the weekly FI hog slaughter at 2.633 million head. That is 28,000 head above last week on increased Saturday kill but down 14,405 head from the same week last year.
Dec 24 Hogs closed at $79.500, down $0.600,
Feb 25 Hogs closed at $82.900, down $0.875
Apr 25 Hogs closed at $86.900, down $1.225,
More news from Barchart
On the date of publication,
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
