Hog Market Rallies into Weekend

Traders responded to the Hogs and Pigs report with a triple digit gain on Friday. For October futures that resulted in a 7.89% gain for the week. The national hog herd was ~315k head above the average trade guess, and still above Sept ’19. The quarterly update from USDA confirmed the lower lightweight inventory, currently the spring contracts are a $1.15 & $5.20 premium to October and summer hogs are $9 premium. The CME Lean Hog Index was $73.70 on 9/23, up another $0.81. USDA’s National Average Afternoon Base Hog price for Friday was 14 cents stronger @ $64.74. The regional WCB base hog price was $64.75, compared to $64.73 for the ECB. USDA’s National Pork Carcass Cutout value was $0.71 weaker in the afternoon report at $91.32. CFTC reported managed money at 43,580 contracts net long in lean hogs on September 22. That was a 1,108 contract stronger net long on the week. USDA estimated the week’s FI hog slaughter at 2.627 million head through Saturday. That is 14,000 head lower yr/yr for the week, but YTD slaughter outpaces ’19 by 1.2%.

Oct 20 Hogs closed at $71.750, up $2.275,

Dec 20 Hogs closed at $64.425, up $1.150

Feb 21 Hogs closed at $69.475, up $0.975

--- provided by Brugler Marketing & Management




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