Barchart reported last week that lean hog futures were in rally mode on Friday, as contracts were up $1.40 to $2.50 on the day. October was up $3.52 this week. USDA’s national base hog prices from the Friday afternoon report were down $1.32 from the day prior at $103.18. The CME Lean Hog Index was back up a 6 cents on September 24 at $105.06.
The Friday afternoon Commitment of Traders report showed managed money increasing their record net long position and lean hog futures and options by 186 contracts as of Tuesday, taking it to 142,444 contracts.
NASS released their quarterly Hogs & Pigs report on Thursday, with September 1 inventory down 1.35% from last year at 74.472 million head, well below estimates calling for a slight increase. Hogs kept for breeding saw a drop of 1.82% to 5.934 million head, below estimates, with the market hog inventory falling 1.31% vs. last year to 68.538 million head.
USDA’s FOB plant pork cutout report from Friday afternoon shot higher by $2.53 at $113.52 per cwt. All primals were reported higher. USDA estimated federally inspected hog slaughter at 2.537 million head this week. That was down 15,000 head from last week and 18,081 head below the same week last year.
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