Lean hog futures faded by 12 to 35 cents across the front months on the last trade day of the week. That left the Feb contract at a net $1.15 loss for the week’s trade. USDA’s National Average Afternoon Base Hog price was $1.42 lower to $46.62. The CME Lean Hog Index was 53 cents stronger on 1/17 to $67.87.
Export Sales of pork in the week that ended on January 11 totaled 33,400 MT, with 10,000 MT sold to Mexico and 9,000 MT to Japan. Shipments tallied 31,400 MT in that week, with 12,500 MT headed to Mexico and South Korea receiving 4,100 MT.
Friday’s Commitment of Traders report showed the managed money spec funds sharply reducing their net short in hogs, adding 4,782 new longs to put the overall position at -1,807 contracts by January 16 close of business (COB).
Pork cutout futures closed down by 27 cents in the Feb contract, for a net 45 cent loss for the week. USDA’s National Pork Carcass Cutout Value fell 17 cents on Friday afternoon to $88.56. USDA’s FI hog slaughter for the week was 2.652m head, a 4.4% lead vs the same week last year. Pork production was listed at 575.8m lbs, a 4.2% lead vs the same week last year.
Feb 24 Hogs closed at $70.750, down $0.350,
Apr 24 Hogs closed at $78.150, down $0.300
Feb 24 Pork Cutout closed at $85.400, down $0.275,
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