After seeing futures print new highs for the move on Monday, the lean hog market faded through the rest of the week. Friday action into the weekend mostly lifted the board off the lows with 17 to 50c gains. June remained at a $2.77 loss for the week. April hogs closed Friday down by 32 cents, and at a weekly loss of $2.35. USDA’s National Average Base Hog price was listed at $79.30 after a $1 drop on Friday afternoon. The CME Lean Hog Index for 3/19 was 39 cents stronger to $83.21.
The Commitment of Traders data showed managed money was adding a few more shorts than longs in lean hogs during the week that ended 3/19. That reduced their net long by 802 contracts to 62,877.
Pork cutout futures went into the weekend UNCH on Friday, and down 72 cents for the week. USDA’s National Pork Carcass Cutout Value was up by $2.29 to $94.37 as the rib primals recovered. Ribs were shown $11.42 higher to $177.26. USDA reported the week’s pork output at 545.8 million lbs. That was up 15m from last week, and was 1.7% above the same week last year. Hog slaughter was 2.53m head for the week, also up 2.7% and 2.4% respectively. The YTD totals were shown at 6.556 billion lbs and 30.287m head, compared to 6.524b lbs and 30.04m head last year.
Apr 24 Hogs closed at $84.575, down $0.325,
May 24 Hogs closed at $90.400, up $0.500
Apr 24 Pork Cutout closed at $92.425, down $0.000,
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