Hogs close Friday Mixed

Lean hog futures rallied back from midday lows and finished mixed. The April futures were 15 cents higher at the closing bell, with a weekly move of $2.72 higher, while the deferred contracts closed with losses on Friday. The CME Lean Hog Index was $0.24 higher to $55.78. The CFTC commitment of Traders report showed that managed money had expanded their net long position to the largest in 14 weeks. The 3,712-contract expansion was from more new buying than new selling. In USDA’s weekly update to export sales, 23,747 MT of pork were sold on the week ending 02/13. That is 16.2% more than the same week last year. A total 42,193 MT of pork was exported through the same week, which put YTD shipments at 259,453 MT. Of the week’s total sales, 13.0% were to China, so far this year China averages 3,352 MT or 10.89% of the net new sales. Shipments for 2020 to the PRC total 37.41% of US pork exports. USDA noted in their Ag Outlook summary, that pork exports in 2019 were up 8% yr/yr, with the forecasted 2020 exports expected to grow an additional 17% to 7.38 billion lbs. USDA’s Pork Carcass Cutout value was 56 cents higher in the afternoon update, to $65. The National Average Base Hog price was down 8 cents, at $49.70 on Friday afternoon. USDA estimated FI hog slaughter through Saturday at 2.622 million head. That is 26,000 head more than last week’s slaughter on a stronger Saturday.

Apr 20 Hogs closed at $67.025, up $0.150,

May 20 Hogs closed at $74.025, down $0.450

Jun 20 Hogs closed at $81.850, down $0.100

---provided by Brugler Marketing & Management

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