Lean Hogs Try to Stabilize After Hogs Report Show Expansion

Lean hog futures were down the expanded limit in the May and June contracts, April hogs were a nickel off limit. Friday’s trades erased the week’s early progress as April hog futures were $3.12 lower wk/wk. The CME Lean Hog Index for March 25th was $66.17, up another $1.05, still ignoring the bearish futures action. The National Average Afternoon Base Hog price was $58.07, down by 77 cents on Friday. CFTC data from Tuesday showed lean hog spec traders were 23,130 contracts net long. Managed money OI is down 41.6% over the last 5 weeks to 80,142 contracts. USDA estimated weekly FI hog slaughter at 2.754 million head. That is 226,000 head more than the same week last year. YTD slaughter is currently 5.0% above last year’s pace. USDA estimated YTD pork production through 03/28 at 7.174 billion lbs, which is 5.4% higher yr/yr. Increased exports are only absorbing part of that increase. --- provided by Brugler Marketing & Management




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