Hogs Fall Triple Digits before Break

Going into Memorial Day weekend, lean hog futures closed $1.00 to $1.37 lower, save for June hogs which were 57 cents lower to $58.77 cwt. The CME Lean Hog index was another $1.39 lower on May 20, at $64.59. USDA National Average Afternoon Base Hog price was $1.42 higher to $39.37. The Commitment of Traders report showed managed money funds were 9,370 contacts net long on May 19. That was down 2,861 contracts from their previous net long on net new selling. Lean hog spec traders have been net long for 22 consecutive weeks, their previous net long lasted for 36 weeks. The National Pork Carcass Cutout Value was $96.75 on Friday after a $1.10 drop. The primals were mostly lower on Friday, save for Loins which were up $8.06 to $153.35. USDA estimated WTD hog slaughter under Federal Inspection at 2.130m head through Saturday. That is up 32k head from last week, but 180k below the same week last year. YTD hog slaughter is 50.09m hogs, compared to 50.65m from last year’s pace.

Jun 20 Hogs closed at $58.775, down $0.575,

Jul 20 Hogs closed at $55.900, down $1.275

Aug 20 Hogs closed at $54.275, down $1.000

--- provided by Brugler Marketing & Management




Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!


Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.