Hogs Turn Weaker on Monday
Lean hogs are trading 65 cents to $1.20 lower on Monday’s midday. Weaker equity market trade has added pressure to the market. The USDA National Base Hog price was reported at 82.05 in the Monday AM print. The CME Lean Hog Index was $93.64 on August 1, up another 11 cents from the previous day.
Managed money flipped back to net long in the lean hog futures and options market as of July 30 by 10,574 contracts to 6,144 contracts.
USDA’s FOB plant pork cutout value was backup$1.51 in the Monday AM average carcass quote, at $105.82 per cwt. All primals were reported higher, with the belly the lone exception, down 38 cents. USDA estimated the weekly FI hog slaughter at 2.455 million head. That is up 19,000 head from last week and 7,111 head above the same week a year ago.
Aug 24 Hogs are at $91.550, down $0.650,
Oct 24 Hogs are at $75.400, down $1.175
Dec 24 Hogs is at $68.100, down $1.050,
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.