Hogs Close with Triple Digit Losses
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Front month lean hog futures closed the last trade day of the week with triple digit losses, which for June contracts pushed prices to $6 below the 5/6 high. May hog futures expired at $111.15 – which is $2.42 above where June went home. USDA’s National Average Afternoon Base Hog price for Friday was $112.25 after sliding another $1.20. The WCB base price was $117.53 in the PM update. The May 12th CME Lean Hog Index was down by a penny at $110.94.  

CFTC data showed managed money funds closed out 1,435 lean hog contracts through the week that ended 5/11. Long liquidation was slightly higher, reducing spec funds’ net long by 225 to 71,352. 

Pork cutout futures closed Friday’s round of trading with losses of 42 to 97 cents. USDA’s National Pork Carcass Cutout Value was $115.70 in the PM report, down by 49 cents. The afternoon report showed large swings in the primals on decent load volume, as hams were the firmest despite a $4.17 drop. USDA estimates the week’s FI hog slaughter at 2.395 million head through Saturday. That is down 13,000 head from last week’s total. The YTD running total is estimated at 48.851 million head. 

China’s Ag Ministry stated the hog herd had grown by 1.1% through April to 23% above 2020. Their data said the herd has recovered 97.6% from Pre ASF levels.

Jun 21 Hogs  closed at $108.725, down $1.375,

Jul 21 Hogs  closed at $109.000, down $1.100

Jun 21 Pork Cutout  closed at $115.250, down $0.425,




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