Lean hogs settled Friday with contracts down 55 cents to 25 cents higher across the board. The national average base hog price was reported at $75.11 on Friday afternoon, down $3.07 from the previous day. The CME Lean Hog Index was $84.07 on September 25, up 2 cents from the day prior.
Managed money was continuing to build their net long position in the lean hog futures and options market, this week by 11,890 contracts to 51,605 contracts.
The quarterly Hogs & Pigs report showed all hog inventory on September 1 at 76.48 million head, up 0.46% from last year. Market hogs were up 0.69% to 70.437 million head, with breeding hogs down 2.18% at 6.044 million head. The June-August pig crop was down 0.75% from last year at 35.03 million head.
USDA’s FOB plant pork cutout value up $1.11 in the Friday PM report at $95.75 per cwt. The belly and ham were the only primals reported lower, with the other 4 up by a range of $1.07 to $2.60. USDA estimated FI hog slaughter at 2.569 million head for this week. That is up 63,000 head from the previous week and 47,672 head above the same week last year.
Oct 24 Hogs closed at $82.050, up $0.025,
Dec 24 Hogs closed at $73.375, down $0.550
Feb 25 Hogs closed at $77.500, down $0.325,
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