Lean hog futures were down by 15 cents in April, but were 12 to 70 cents higher across the other deferred contracts on Friday. USDA’s National Average Base Hog price was 99 cents weaker to $76.18 in the PM quote. The CME Lean Hog Index was up by another 44 cents to $81.31 on 3/5.
Lean hog spec traders held a 65,090 contract net long on 3/5 via CFTC data. That was a 2k contracts stronger net long for the week mainly via net new buying.
USDA’s monthly update lifted Q1 pork output by 30m lbs to 7.16 billion. That lifted the full year’s total production to 27.91 billion, vs 27.3 billion last year.
The USDA national Pork Carcass Cutout Value was up by 96 cents on Friday afternoon to $92.11. USDA reported FI hog slaughter at 1.909 million head for the week through Thursday. That is 50k head behind last week’s pace and is 5.6k head behind the same week last year.
Apr 24 Hogs closed at $84.375, down $0.150,
May 24 Hogs closed at $91.350, up $0.125
Apr 24 Pork Cutout closed at $92.200, up $0.000,
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