Hog futures ended the Tuesday session with 15 to 45 cent gains, though the April contract was $1.10 under the session high for the closing bell. USDA’s National Average Base Hog price increased another 82 cents on Tuesday afternoon to $70.25. The CME Lean Hog Index increased by 46 cents to $75.75 for 2/16.
The Commitment of Traders report showed lean hog spec traders were closing shorts during the week that ended 2/13. That grew the group’s net long to 33,791 contracts.
USDA’s National Pork Carcass Cutout Value fell $1.34 on Monday afternoon to $92.44. Bellies were the weak link with an $8.21 drop. USDA reported Tuesday’s FI hog slaughter at 490k head. That’s up from 486k head last week and from 482k head during the same day last year. The week-to-date total reached 980k head after President’s Day.
Apr 24 Hogs closed at $85.675, up $0.450,
May 24 Hogs closed at $89.000, up $0.150
Apr 24 Pork Cutout closed at $91.500, unch,,
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