Front month lean hog futures were up by $1.32 to $1.85 on the last trade day of the week. That left the April contract at a net 87c gain for the week. USDA’s National Average Base Hog price was dropped $2.82 on Friday afternoon to $72.67. The CME Lean Hog Index was $79.91 up by 13 cents for 2/27.
The lean hog spec traders were shown with a 63,064 contract net long as of 2/27 via the CoT data. That was their strongest net long since September of ’22 after having added 11.3k new longs during the week.
Pork cutout futures were 70 cents stronger on Friday. The Pork Carcass Cutout Value for Friday was up a strong $4.23 on Friday afternoon to $94.45. Bellies led the way with a $20.59 increase to $137.03. The week’s pork output was reported at551.1m lbs from a 2.549m head slaughter. Pork output dipped 1.4% vs last week but was up 0.6% from the same week last year as slaughter was down 1.1% and was 1% higher respectively. The YTD hog slaughter reached 22.848m head vs 22.561m head at the same point last year.
Apr 24 Hogs closed at $88.075, up $1.450,
May 24 Hogs closed at $92.050, up $1.325
Apr 24 Pork Cutout closed at $94.000, up $0.700,
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