Lean hog futures ended 30 to 70 cents lower on Friday after gapping 30c lower to start the day. That reduced Feb’s weekly gain to $1.90. USDA’s National Average Base Hog price was 53 cents weaker for Friday afternoon, to $44.96. The CME Lean Hog Index was 31 cents higher on 1/10 to $66.77.
The weekly CoT report showed managed money reduced their net short in lean hogs via short covering during the week that ended 1/9. The group was 6,589 contracts net short as of Tuesday’s settle, the 8th consecutive week with a net short.
USDA’s monthly pork production outlook raised the 2023 total by 60 million lbs to 27.302 billion. The outlook for 2024 was also raised by 240m to 27.970 billion.
Pork cutout futures were 62 cents weaker on Friday, but still $2.95 higher for the week. USDA’s National Pork Carcass Cutout Value for Friday afternoon was $86.08. That was up $1.54 as most of the primal cuts increased. USDA reported the week’s pork production at 493m lbs from 2.279m head harvested. That compares to 512m lbs last week and 587.7m lbs during the same week last year on 3.9% and 15.2% lighter slaughter respectively.
Feb 24 Hogs closed at $71.900, down $0.700,
Apr 24 Hogs closed at $78.625, down $0.425
Feb 24 Pork Cutout closed at $85.850, down $0.625,
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