Lean Hogs Firmly Mixed

On the last trade day of the week, lean hog futures were within 30 cents of UNCH. Dec and Feb were in the red, but spring and summer contracts closed higher. The CME Lean Hog Index for the 28th was another 78 cents lower at $75.49. USDA’s National Average Base Hog price for Friday afternoon was $61.35, down by 31 cents. CFTC data showed a 40,582 contract net long for lean hog spec traders on 10/27. That was a 1,476 lighter net long paired with a 8,142 contract reduction to managed money OI. The National Pork Carcass Cutout value was $83.80 in the PM report, down by $3.77. The primal cuts were sharply lower, led by hams which were down $13.93 cwt. Bellies were the only primal cut quoted higher in the PM report @ $124.70 up by $7.84. They sustained the biggest loss week to week, however. USDA estimated the week’s FI hog slaughter at 2.683 million head through Saturday. That is 11,000 head more wk/wk and 5,000 more yr/yr.

Dec 20 Hogs closed at $65.575, down $0.050,

Feb 21 Hogs closed at $65.550, down $0.050

Apr 21 Hogs closed at $68.400, up $0.075

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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