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Hogs Look to New Week After Friday Strength
Lean hog futures ended Friday with contracts 85 cents to $1.25 higher. June was up $3.125 last week to close over $100. Preliminary open interest was up 4,688 contracts on Friday, with most of the increase in June. USDA’s national average base hog negotiated price was back up 8 cents from the day prior at $91.39 in the Friday PM report. The CME Lean Hog Index was up another 52 cents from the previous day at $87.27 on April 23. Commitment of Traders data from Friday afternoon showed speculators adding back 18,235 contracts to their net long as of April 22, taking the position to 58,457 contracts. Friday afternoon’s pork cutout value was $2.18 higher at $98.04 according to the USDA report. The picnic, rib, and ham primals were reported lower, with the belly up $9.75. Last week’s federally inspected hog slaughter from USDA was estimated at 2.371 million head. That was up 59,000 head from the previous week and 22,156 head below the same week last year. May 25 Hogs closed at $92.800, up $0.850, Jun 25 Hogs closed at $101.150, up $1.225 Jul 25 Hogs closed at $101.175, up $1.125, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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