Lean hog futures saw slightly higher action in Friday, with contracts up 20 to 50 cents. February managed to close the week with a $2.97 gain. USDA’s national base hog price was at $74.78 reported on Friday afternoon. The CME Lean Hog Index was back up 11 cents on Jan 13 at $80.50. The markets will be off on Monday for the Martin Luther King Jr. Day holiday.
Commitment of Traders data showed spec funds increasing their net long by just 766 contracts as of January 13, taking the lean hog net long to 82,624 contracts.
USDA’s pork carcass cutout value from the Friday afternoon report was 3 cents higher at $93.63 per cwt. The loin, butt, and belly primals were reported higher. USDA estimated federally inspected hog slaughter for this week at 2.623 million head. That is 60,000 head below last week and 4,066 head above the same week last year.
Feb 26 Hogs closed at $88.275, up $0.475,
Apr 26 Hogs closed at $95.200, up $0.200
May 26 Hogs closed at $98.725, up $0.250,
