Hogs Come Back from Midday Lows

Lean hog futures rallied back from midday losses and closed $0.95 to $1.70 higher. Save for June hogs which ended Friday’s session with a 7 cent loss. The CME Lean Hog index was up 42 cents on May 27, to $62.95. USDA National Average Base Hog price was $37.45 on Friday, down by $0.37. The average base hog price for the WCB region was $37.98. Commitment of Traders data showed that on Tuesday lean hog spec traders were 903 contracts more long for the week to 10,273 on net. Managed money open interest was up 4,041 contracts to 82,825. In the Export Sales report from USDA, 20,579 MT of pork was sold. Unshipped sales were down on the week at 289,785 MT due to a solid 34,470 MT of pork shipments. Total shipments for the year are up to 827,529 MT. Total commitments are 40.6% ahead of last year’s pace. The National Pork Carcass Cutout Value was $88.20 on Friday, down by $1.26. FI hog slaughter for the week through Saturday is estimated at 1.97m head. YTD slaughter is 52.1m head compared to last year’s 52.78 million.

Jun 20 Hogs closed at $56.850, down $0.075,

Jul 20 Hogs closed at $57.025, up $1.375

Aug 20 Hogs closed at $56.725, up $1.700

--- provided by Brugler Marketing & Management

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