Lean hog futures are up $1.15 to $1.95 at midday. USDA’s national base hog price was not reported in the Wednesday AM report du to low volume. The CME Lean Hog Index was down another 80 cents on November 24 at $82.81. The market will be closed on Thursday for Thanksgiving, with a normal open on Friday and an early close.
CFTC data for the week ending on 10/14 showed managed money cutting 12,312 contracts from their net long position, at 28,928 as of that Tuesday.
USDA’s pork carcass cutout value from the Wednesday morning report was back up 98 cents to $93.23 per cwt. The loin primal was the only reported lower. USDA estimated federally inspected hog slaughter for Tuesday at 492,000 head, taking the weekly total to 987,000 head. That is 1,000 head below last week and up 2,192 head from same week last year.
Dec 25 Hogs are at $79.600, up $1.150,
Feb 26 Hogs are at $80.800, up $1.800
Apr 26 Hogs is at $84.900, up $1.950,
