Lean hog futures bulls finally found some footing after hitting or getting close to some new contract lows on Friday. Most contracts were up anywhere from 15 cents to $1.85, as expiring June was down 57 cents. The CME Lean Hog Index was up 20 cents at $91.58 on June 12. USDA showed the National Base Hog weighted average price at $87.61 on Friday afternoon, up 74 cents from the previous day.
Managed money spec traders were shown as continuing their shift towards the short side, cutting their net long by 10,083 contracts to just 6,171 as of June 11. That is the smallest net long since mid-January.
USDA’s Pork Cutout Value was reported higher in the Friday PM print, up $4.33 to $101.35. The picnic primal was the only reported lower, with the belly carrying the load, up $16.58. USDA estimated this week’s FI hog slaughter at 2.39 million head, including Saturday. That is down 32,000 head from a week ago but up more than 74,000 from a year ago.
Jun 24 Hogs closed at $91.175, down $0.575,
Jul 24 Hogs closed at $93.650, up $0.875
Aug 24 Hogs closed at $90.450, up $1.850,
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