Hogs Hold Gains on Friday, as Specs Push to Record Net Long
Lean hogs posted Friday gains of 7 to 82 cents across most contracts, as December was up another $4.40 on the week. The national average base hog price was reported at $79.06 on Friday afternoon, down $3.64 from the previous day. The CME Lean Hog Index was reported at $85.93 on October 30, up 15 cents from the day prior.
Commitment of Traders data showed spec fund money managers adding another 15,779 contracts to their net long in lean hog futures and options as of October 29. As of Tuesday, they were at a record net long of 102,905 contracts.
USDA’s FOB plant pork cutout value was up 82 cents from the day prior in the Friday PM report at $103.97 per cwt. The ham and belly primals were the only reported higher, up $4.55 and $6.73 respectively. USDA estimated the weekly FI hog slaughter at 2.653 million head. That is 60,000 head above the previous week on increased Saturday kill but 15,081 head above the same week last year.
Dec 24 Hogs closed at $84.075, up $0.275,
Feb 25 Hogs closed at $86.025, up $0.825
Apr 25 Hogs closed at $88.900, up $0.800,
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.