Hogs Drop Back to Red for Weekend
Alan Brugler, Barchart
May 6, 2022
Lean hogs fell into the weekend as Friday’s triple digit losses left the week red. Front month futures closed down by $0.80 to $2.97 on Friday, for June that ended the week as a $2.27 loss. The National Average Base Hog price for Friday afternoon was $1.59 weaker to $101.98. CME’s Lean Hog Index for 5/4 was another 8 cents lower to $100.96.
Spec fund activity in lean hog futures and options was a rotation from long to short for 7.3k contracts. That reduced the group’s net long by 14.5k to 29,542 contracts.
Pork cutout futures also faded on the week’s last trade day, closing the session $1.80 to $2.90 in the red. USDA’s National Pork Carcass Cutout Value for Friday afternoon was down by $1.57 to $104.70. FI hog slaughter for the week through Saturday was estimated as 2.427m head. With that, that was a 38k head increase wk/wk and would be up by 33k head from the same week last year. YTD hog slaughter still trails last year’s pace by 5.4%.
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