Lean hog futures finished the last trade day of the week with $0.87 to $1.52 gains. For Feb, that only reduced the week’s loss to $1.12. The National Average Base Hog price for Friday afternoon was 17 cents higher at $51.88. The price in the ECB was shown at $52.51, compared to $51.52 in the WCB. The CME Lean Hog Index fell by 17 cents to $69.43 for 12/05. 

Weekly CFTC data showed the lean hog spec traders were closing longs and adding shorts during the week that ended 12/5. That left the funds with a 3.4k contract stronger net short of 17,963. 

The December WASDE increased Q4 2023 pork production by 25 million lbs to 7.065 billion for a full year 27.242 billion pounds. 2024’s outlook was left UNCH at 27.730 billion lbs.

The National Pork Carcass Cutout Value was 17 cents stronger on Thursday afternoon to $83.37. USDA’s weekly summary had pork output at 575.8 million lbs, matching last week and 3.1% above the same week last year. The yearly total production was listed at 25.581 billion lbs – 0.5% above last year’s pace. FI hog slaughter for the week was 2.687m head, 0.3% lighter than last week, but up 4.2% from the same week last year. The yearly total remains 1.6% ahead of last year’s pace with 120.02 million head.  

Feb 24 Hogs  closed at $68.975, up $1.200,

Apr 24 Hogs  closed at $76.150, up $1.525

Feb 24 Pork Cutout  closed at $82.700, up $1.450,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source: Nasdaq

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