Lean hog futures were down by as much as $2.25 on Monday, with all contracts posting triple digit losses. The 11/27 CME Lean Hog Index was $58.35 after a drop of 25 cents. 11/29 CME Fresh Bacon Index was at $139.58, a 14.31% weekly drop. The CFTC showed that funds were net short lean hog futures for the first time since March 3rd. Managed money was 860 contracts net short as of 11/26. The USDA pork carcass cutout value was higher on Cyber Monday, with a $1.01 gain up to $82.86. USDA’s national average base hog price for 12/02 was 77 cents higher at $43.57. USDA estimated FI hog slaughter to start the week with a new record of 497,000 head, beating the previous daily slaughter record set from Tuesday the 19th of Nov (494k head). They also revised the holiday shortened week to 2.333 million head.
---provided by Brugler Marketing & Management