Lean hog futures posted a midweek rebound, up 95 cents to $1.45 at the close. USDA’s national base hog price from Wednesday afternoon was reported at $74.61, down 95 cents from the day prior. The CME Lean Hog Index was down another 33 cents on November 17 at $86.67.
Pork exports during August were tallied at 542.8 million lbs according to a delayed release of Census trade data this morning. That was the second largest August total on record, 3.1% below last year.
Large managed money speculators were holding a record net long position as of September 30 at 146,288 contracts according to government shutdown delayed CFTC data.
USDA’s pork carcass cutout value from the Wednesday PM report was down $2.25 to $93.14 per cwt. The rib primal was the only primal reported higher, with the belly leading the downward charge, losing $8.43. USDA estimated federally inspected hog slaughter for Wednesday at 494,000 head and the week to date total at 1.482 million head. That is 34,000 head above last week and up 13,911 head from same week last year.
Dec 25 Hogs closed at $78.850, up $0.950,
Feb 26 Hogs closed at $79.025, up $1.000
Apr 26 Hogs closed at $83.075, up $1.450,
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.
More news from Barchart