Lean Hogs

Lean hog futures closed 37.5 to 90 cents higher in the front months on Friday. Nearby Feb was 4.05% higher for the week and posted a new life of contract high. The CME Lean Hog Index was up 2 cents on January 31 at $73.87. The USDA pork carcass cutout value was 19 cents lower at $81.63 in the Friday PM report. The national base hog weighted average price was up $1.08 to $71.59. The USDA estimated last week’s FI hog slaughter at 2,438,000, which is 68,000 larger than last week, and 111,000 head more than this week last year. Managed money spec funds in lean hog futures and options trimmed 7,265 contracts off their CFTC net long position to 52,503 contracts as of January 30. That was their smallest net long position for hogs since mid-May 2017.

Market Commentary provided by:

Brugler Marketing & Management LLC
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