Lean Hogs Still Trying to Find More Buyers Than Sellers

Dec futures posted a daily gain of 45 cents on Friday, but it wasn’t enough to rally all the way back as the contract finished $0.925 lower week/week. Managed money open interest for lean hogs fell 10 contracts for the week. The 11/13 CME Lean Hog Index was 5 cents lower at $59.50. The Friday pork carcass cutout value was $1.09 higher. The Belly primal showed us it’s volatility, swinging more than $11.52 and gave back more than all of it to finish 5 cents lower on the day. The national average base hog price up 54 cents for Friday, shown at $42.73. The USDA estimated FI hog slaughter through Saturday is 2.749 million head through the week, which is 56,000 head more than last week’s total. The YTD hog slaughter is estimated at 112.762 million head as of 11/16.

--provided by Brugler Marketing & Management

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