Hogs Rally into Weekend
Alan Brugler, Barchart
Jun 17, 2022
Going into the 3-day weekend lean hog futures bounced with triple digit gains for the summer months. The deferred contracts also gained on Friday, though the move was limited to 10 cents out into April ’23. USDA’s National Average Afternoon Base Hog price for Friday was $1.62 weaker to $115.72. The CME Lean Hog Index for June 15 was $108.75, up by 18 cents.
CFTC’s weekly CoT report showed lean hog spec traders were 3,641 contracts less net long from week to week by 6/14. That left the group 18,832 contracts net long at the settle.
Pork cutout futures went into the weekend with Friday gains of as much as $1.47, though the deferred months were only 52 cents higher on the day. USDA’s National Pork Carcass Cutout Value was $3.25 stronger in the PM report to $114.61. USDA’s federally inspected hog slaughter was estimated at 2.372m head for the week through Saturday. That matched exactly with last week, but was down by 72k head from the same week last year. YTD slaughter trails 2021 by 4.4% with 57.798m head slaughtered.
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