Lean hog futures saw slightly higher action in Friday, with contracts up 20 to 50 cents. Another round of new buying was noted, with open interest up 6,380 contracts. February managed to close the week with a $2.97 gain. USDA’s national base hog price was not reported on Monday due to light volume. The CME Lean Hog Index was up another 50 cents on Jan 15 at $81.00.
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 Monday PM report was 57 cents higher at $94.20 per cwt. The butt and ham primals were reported higher. USDA estimated federally inspected hog slaughter for Monday at 426,000 head. That is 71,000 head below last Monday and 9,659 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,
