Lean Hogs Trying to Absorb Record US Production

Lean hog futures posted increases of 12 to 17 cents for the upcoming Feb and Apr contracts on Friday. Nearby Dec futures finished 17 cents lower, carrying a 32 1/2 cents loss on the week. Managed money spec funds were net long 13,258 contracts as of 11/5, a 4.2% reduction from last week. The 11/06 CME Lean Hog Index regained $0.03 to $60.19. USDA’s pork carcass cutout value was $2.03 higher on Friday, with ham up the most @ $5.12 per hundred pounds. The national average base hog price was down 39 cents, closing the week at $44.95. The WASDE report updated 4th quarter pork production estimates to 7.46 billion lbs to bring the 2019 production to a record 27.620 billion lbs. The USDA estimated weekly FI hog slaughter was 2.693 million head including the Saturday estimate.

--provided by Brugler Marketing & Management




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