Lean hog futures were up by $0.39 to $1.42 pushing the front months to net weekly gains of +$1 – after printing new contract lows on Wednesday. USDA’s National Average Base Hog price dropped by 75 cents on Friday afternoon to $44.56. The CME Lean Hog Index increased by another 67 cents to $65.86 for 1/3.
Weekly CFTC data showed managed money funds were 11.6k new contracts more net short as of 1/2. The 7.9k new shorts left the group on a 17,602 contract net short.
USDA’s weekly Export Sales report had 17.8k MT of pork sales for the week ending 12/28. That was a new low for calendar 2023. The 21,950 MT of exports ended 2023 with 1.569 MMT shipped.
Front month pork cutout futures were also up by 1.3% to 1.4% across the front months on Friday. The National Pork Carcass Cutout Value for Friday afternoon was 30 cents weaker, led by a $6.43 decrease in picnics, to $84.20. USDA reported the week’s pork production at 514.2 million lbs. a 0.3% lag from last year’s start. The first week’s hog slaughter was estimated at 2.381m head, a 1.5% larger kill yr/yr.
Feb 24 Hogs closed at $70.000, up $0.950,
Apr 24 Hogs closed at $76.375, up $1.425
Feb 24 Pork Cutout closed at $82.900, up $1.175,
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