Lean hog futures saw weakness on Friday, with contracts down $1.67 to $2.42. December saw back and forth trade to close with a 70 cent losses on the week. USDA’s national base hog price from the Friday PM report was down $1.23 from the day prior at $70.64. The CME Lean Hog Index was down another 56 cents on November 19 at $85.71.
CFTC data for the week ending on 10/7 showed managed money trimming 5,048 contracts from their previous record net long position, at 141,240 as of that Tuesday.
USDA’s pork carcass cutout value from the Friday afternoon report was back up $3.22 to $93.43 per cwt. The rib and ham primals were the only reported lower, with the belly back up $11.04. USDA estimated federally inspected hog slaughter for the week at 2.603 million head. That is 102,000 head below last week but up 22,625 head from same week last year.
Dec 25 Hogs closed at $77.800, down $1.675,
Feb 26 Hogs closed at $77.700, down $1.950
Apr 26 Hogs closed at $81.300, down $2.425,
