Hogs Futures Higher for Friday
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Lean hog futures went into the weekend with triple digit gains. USDA’s National Average Base hog price was $68.32 this morning, back up by 14 cents. CME’s Lean Hog Index was $88.82 on 10/13 which was another 91 cents weaker.  

Export Sales data reported 34,478 MT of pork was sold during the week ending 10/7. That was up 51% on the week, 2,192 MT above the 5-week average, and 1.9k MT above the year’s weekly average. Total pork commitments were 1.6 MMT as of 10/7, which is 9.4% behind last year’s record pace but up 6% from 2019’ pace.   

CFTC’s weekly CoT report showed managed money was 68,632 contracts net long in lean hogs as of 10/12. That was 6,514 contracts less net long from last week driven by long liquidation.  

Pork cutout futures also closed up by triple digits. USDA’s National Pork Carcass Cutout Value for Friday afternoon was $4.74 lower, to $101.32 as butts were the only primal to increase. USDA’s estimate for the week’s FI hog slaughter was 2.637 million head through Friday. That was 40,000 head above last week’s pace, but trails the same week last year by 48k. YTD slaughter is now over 100m head, but still 1.9% behind last year’s pace. 

Feb 22 Hogs  closed at $81.325, up $1.025, 

Apr 22 Hogs  closed at $85.175, up $1.375 

Dec 21 Pork Cutout  closed at $94.950, up $1.125, 




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